HNA Group’s Grand China Air has confirmed it signed an acquisition agreement for a 4.89% stake in Hainan Airlines held by Hainan Development Holdings. This will raise its direct and indirect shareholding of Hainan Airlines to 34.85%.
Grand China Air held 29.96% equity of Hainan Airlines prior to its latest acquisition. Grand China Air acquired the additional Hainan Airlines shares as the carrier is confident of its sister carrier’s continuous healthy development and the positive outlook for Chinese civil aviation over the long term.
China Galaxy Securities was the financial consultant for this acquisition.(Translation by David)
