CMST acquired holding shares of Henry Bath
The Group’s Headquarters 2018-01-02
On September 14, 2015, Henry Bath & Son Limited (Henry Bath), a founding member of the London Metal Exchange (LME), witnessed its latest landmark event. The Chairman of CMST Development Co., Ltd. (CMST Development) and the President of Mercuria Energy Group’s Asia-Pacific Division signed the agreement on CMST Development’s acquisition of 51% equity of Henry Bath. CMST Development is China’s largest integrated logistics company and a major Shanghai Futures Exchange (SHFE) delivery warehouse operator, owning more than 70 logistics centres across 30 major Chinese ports with 10 million square metres of land, including bonded and non-bonded warehouses in the Shanghai port areas. This move consolidates Henry Bath’s international presence, provides it with a unique position between Chinese and global commodity markets, and reflects its new opportunities in China. More importantly, by acquiring holding shares of Henry Bath, China Chengtong, the parent company of CMST Development, has become the only fully licensed delivery warehouse operator in the world holding qualification certifications recognized by international exchanges, such as the SHFE, the LME, and the ICE Futures US.
Founded in 1794, Henry Bath started as a copper trading business covering all aspects of the copper trade — sampling, weighing, setting freight landing charges and sales. Since its establishment, Henry Bath’s business has thrived and expanded extensively. In 1877, Henry Bath became a founding member of the London Metal Exchange Company (LME), which was formed to provide a more regulated forum for commodity transactions, and then proudly issued the very first LME warrant on 20 December 1883.
Having gained rich experience from more than 220 years’ operation in metal warehousing and management, Henry Bath has already firmly established itself on the international market and become a specialist in global commodities warehousing and logistics. Licensed by the world’s premier commodity Exchanges, Henry Bath can issue Exchange-traded Warrants and Warehouse Receipts for metals, and has commodities stored across its worldwide network of facilities. By the end of 2016, Henry Bath’s 51 warehouses spread across 16 cities in 9 countries from Asia, Europe and America. Warehouse certificates issued by Henry Bath are recognized as premium security documents for commodity financing by banks, insurers and institutional investors.
By playing a more significant part in facilitating China’s ‘Belt and Road Initiative’ and ‘Going Global’ strategy, Henry Bath is looking ahead to a brighter future.