CWT will pay $94 million for a 73.8 percent stake in MRI Trading, a metals trading house developed by Marc Rich, founder of Glencore. MRI is valued at about $127 million, and is the third largest trader of base metal concentrates.
CWT was developed in 1970 as a logistics sector of the Port of Singapore Authority and provides logistics and warehousing services to the global commodities industries, focusing on metals warehousing and soft commodities.
Upon closing the deal, which is expected in September, CWT will initially play $60.8 million with the remaining $33.2 million paid over the next three years.