ECONOMY | Staff Reporter, Singapore

Daily Briefing: China's HNA to buy CWT shares from "dissenting shareholders"; GIC raises Silicon Valley startup's value to US$1.75b

And here are two firms that had large ups and downs in Q4.

From Reuters via Yahoo! Finance:

Chinese conglomerate HNA Group has exercised its legal rights to acquire all shares from "dissenting shareholders" of Singaporean logistics firm CWT Ltd, as it moves to close the $1b acquisition.

HNA Belt and Road Investments Singapore, an HNA group company, will offer $2.33 ($1.73) per share in cash to the CWT shareholders who have not accepted the tender offer, HNA's financial advisers said in an announcement on behalf of the company on Monday.

The price is the same as was offered to other CWT equity holders, valuing the deal at $1.399b (US$1.04b).

Read more here.

From The Motley Fool:

In mid-November, Singapore Post Limited (SGX: S08) released its second quarter results for its fiscal year ending 31 March 2018 (FY2018). As a quick introduction, Singapore Post is a mail and logistics services provider. It organises its business into three operational segments: Postal, Logistics, and eCommerce.

During the quarter, revenue was up by 10.2% year-on-year to $354.7m. But, net profit attributable to shareholders was down by 9.5% to $28.5m.

Read more here.

From Reuters:

Silicon Valley lending startup Affirm said on Monday it has raised US$200m in a fresh round of funding, boosting prospects as the firm aims to go after the market for millennial shoppers needing loans.

The new financing put Affirm’s total fundraising to date at about US$450m, and increases its valuation to US$1.75b, according to a source with knowledge of the matter.

The Singapore government’s sovereign wealth fund, GIC, led the round, and was joined by earlier investors including Khosla Ventures, Lightspeed Venture Partners, Founders Fund and Spark Capital.

Read more here.

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