ANNOUNCEMENT CWT Globelink Forms Joint Venture with Unimar ...

CWT Limited Tel: (65) 62626888
Corporate HQ Fax: (65) 62612373
38 Tanjong Penjuru Email: e-mail@cwtlimited.com
CWT Logistics Hub 1 Website: www.cwtlimited.com
Singapore 609039 RCB Reg. No.: 197000498M
All business is transacted only in accordance with the Singapore Logistics
Association Standard Trading Conditions. A copy is available upon
request.
ANNOUNCEMENT
CWT Globelink Forms Joint Venture with Unimar Logistics in Turkey
I. Share Sale and Purchase Agreement
The Board of Directors of CWT Limited (the “Company”) today announced that CWT Globelink Pte
Ltd (“Globelink”), a wholly-owned freight logistics arm of the Company, has entered into a Share
Sale and Purchase Agreement (“SPA”) to acquire a 50% stake in Unimar Logistics Incorporation
(“Unimar”) from the existing shareholders of Unimar for a total purchase consideration of US$8.75
million (“Consideration”) (collectively the “Joint Venture”).
Unimar is the leading service provider of Less Than Container Load (LCL) and Full Container Load
(FCL) cargo in Turkey, providing a full range of air and sea freight logistics services for its valued
customers which include some of the world’s largest freight forwarders. It has offices in Istanbul,
Izmir and Bursa, and offers substantial direct and comprehensive service coverage in and out of
many ports in Turkey. Prior to the Joint Venture, Unimar has been part of Globelink’s global agency
network for 13 years.
II. Rationale
This Joint Venture will add strategic competencies and business network to Globelink. As a leading
LCL consolidator, Unimar offers one the most comprehensive trade lane coverage in and out of
Turkey. It is also a major player in FCL traffic. The Joint Venture with Unimar will allow Globelink to
enlarge and enhance its LCL service coverage to its global customers. Globelink is also able to rely
on Unimar’s strong local market knowledge to enhance its service offerings in Turkey and the
neighbouring markets, tapping into a region with strong growth potentials.
The investment in Turkey is part of the on-going expansion for the Globelink Group to create a
strong global network of freight consolidators. With this entry into the Turkish market, the Globelink
Group will have direct presence in 23 countries with 95 offices.
III. Consideration
The Consideration has been determined on a willing-buyer-willing-seller basis, and takes into
account the track record of Unimar, its management strength and capabilities, its business network
and customer relationships, the results of the financial due diligence and our assessment of the
business and prospects of Unimar, including its potential synergy with Globelink’s group of
companies.
Under the SPA, the Consideration is payable in four (4) tranches, comprising an initial cash payment
of US$6.5 million on completion of the Joint Venture and the deferred balance amount of US$2.25
million in three (3) equal cash instalments to be paid progressively upon achievement of agreed
profit milestones.
In addition, Globelink will separately inject up to US$1 million into the Joint Venture as working
capital for business expansion upon the completion of the Joint Venture.

IV. Shareholding of the Proposed Joint Venture
CWT Globelink 50%
Cihan Yusufi (Management Shareholder) 25%
Ugurhan Kicki (Management Shareholder) 25%
V. Financial Effects
Funded by internal funds and borrowings, the proposed Joint Venture is not expected to have any
material impact on the Company’s earnings per share and net tangible assets per share for the
current financial year ending 31 December 2011.
VI. Interest of Directors and Substantial Shareholders
None of the Directors or substantial shareholders of the Company have any interest, direct or
indirect, in the Acquisition.
VII. Documents for Inspection
In the meantime, a copy of the SPA is available for inspection at the registered office of the
Company at 38 Tanjong Penjuru, CWT Logistics Hub 1, Singapore 609039 during normal business
hours for a period of three (3) months commencing from the date of this Announcement.
By Order of the Board
Lye Siew Hong – Lynda Goh
Company Secretary
CWT Limited
16 September 2011
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About CWT Globelink
CWT Globelink is a global leading, neutral ocean freight forwarder and consolidator of Less Than Container Load
(LCL) cargo. It offers Container Freight Station (CFS) operations, Dangerous Goods (DG) cargo handling, sea-air
and buyer’s consolidation, among other general freight forwarding services. Since its inception in 1988 in Singapore,
CWT Globelink has expanded its global network to 95 offices in 23 countries. It is also a founding partner of the
Global Consolidator Alliance (GCA), formed together with key members of its agency network to provide
comprehensive and seamless global coverage as well as high quality consolidation services to its valued customers.
CWT Globelink is the freight logistics arm and a wholly-owned subsidiary of the CWT Group. For more information,
visit www.cwt-globelink.com.
About CWT Group
CWT is a leading provider of integrated logistics solutions for worldwide customers in the commodities, chemical
and petrochemical, marine, oil & gas, defence and industrial sectors. CWT designs, engineers and manages unique
and effective supply chain solutions leveraging its in-depth domain knowledge, innovative capabilities and global
logistics infrastructure. Through its global network, the CWT Group is able to connect customers to 120 ports and
over 1,200 destinations seamlessly around the world. Headquartered in Singapore, the CWT Group also engages in
coal and base metal commodity supply chain management and provides engineering management and maintenance
services for facilities and vehicles and equipment fleet as well as financial services through the asset management of
Cache Logistics Trust and brokering services for futures and derivatives trades. One of the largest listed logistics
companies in Southeast Asia, CWT is traded on the Singapore Stock Exchange under the stock symbol CWT. For
more information, visit www.cwtlimited.com.

For more information, contact:
CWT Limited
Lynda GOH Johan LIM
Deputy Group CEO & Group CFO Corporate Communications Manager
Email: shlynda@cwtlimited.com Email: cbjohan@cwtlimited.com
Tel: (65) 6307 8338 Tel: (65) 6307 8018
Fax: (65) 6261 2373 Fax: (65) 6261 2373