CWT International Limited (CWT International) announced that its Swiss-based wholly owned subsidiary, MRI Trading AG, executed a “Third Contract of Sale” on 10 September 2026 with TMSC Trading Co., Limited, an indirect subsidiary of HNA Technology and a connected person under Hong Kong Listing Rules.
The contract covers the sale of 501 metric tons (±5%) of London Metal Exchange Grade A copper cathodes sourced from the Democratic Republic of Congo. The cargo was shipped in August 2026 and is scheduled to arrive in Shanghai on 14 September 2026. Delivery terms are CIF (Incoterms 2020) to Shanghai’s container yard, with MRI Trading providing logistics, transportation and insurance services.
Total consideration is capped at US$7.45 million (HK$58.13 million), determined by the prevailing LME cash settlement price plus a premium of up to US$47.00 per metric ton, adjustable to market conditions and ancillary costs. TMSC Trading will make a 103 % provisional payment against scanned bills of lading, with any balance settled within five business days after final invoicing.
This transaction follows the “Second Contract of Sale” signed on 19 December 2025 with GTS Shipping (another HNA Technology subsidiary), under which only US$1.42 million of the original US$5.00 million limit was utilised due to supply constraints in Chile. Upon execution of the new agreement, the unutilised US$3.58 million balance under the second contract will not be pursued.
Because both GTS Shipping and TMSC Trading are indirect subsidiaries of HNA Trust Management—CWT International’s 51.26 % controlling shareholder—the latest deal is classified as a connected transaction under Chapter 14A of the Hong Kong Listing Rules. When aggregated with the prior transaction, applicable percentage ratios exceed 0.1 % but remain below 5 %, triggering reporting and announcement requirements without necessitating a shareholders’ circular or independent shareholders’ approval.
CWT International stated that expanding business with HNA-affiliated customers supports the growth of its commodity marketing segment and is expected to contribute positively to gross profit. Executive Directors linked to HNA Trust Management abstained from the board vote approving the contract. Ongoing discussions with HNA entities regarding further commodity marketing cooperation will continue, with compliance to Listing Rules commitments observed.
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