SINGAPORE, April 10 -- Chinese conglomerate HNA Group announced its plan to buy Singapore's logistics provider CWT at 2.33 Singapore dollars per share for about 1.4 billion Singapore dollars (995.82 million U.S. dollars) on late Sunday.

The deal was a result of almost a year of negotiations between the two sides.

The offer at 2.33 Singapore dollars a share is higher than CWT's last traded price at 2.07 Singapore dollars.

Local media reported that one pre-condition of the offer is that shareholders of HNA Holding Group must vote to approve the CWT takeover.

According to reports reaching here, HNA intends to make CWT its wholly-owned subsidiary.

In addition, HNA is likely to keep the senior management team of CWT's main business unit to maintain the operations of CWT.

CWT is a leading provider of integrated logistics and supply chain solutions and was once the warehousing and logistics arm of government-linked port operator PSA. (1 Singapore dollar = 0.71 U.S. dollar)