HNA Group sells out of Comair

Few knew of the significant investment HNA Group Inc had in Comair Ltd (COM:JSE) since 2015.

HNA Group according to their website “offers airlines services. The Company provides domestic aviation transportation, international aviation transportation, aviation maintenance, aviation logistics, and other services. HNA Group also operates investment management, tourism development, and other businesses.

According to Bloomberg HNA has sold more than $13 billion of assets this year after the company’s debts bloated to $94 billion, prompting the group to spend more on interest than any non-financial company in Asia last year.

HNA had 29 million shares, or 6.2 percent of Comair Ltd, before the disposal, according to data compiled by Bloomberg. That stake would be valued at about $14 million based on current market prices.

The share price dropped from 660c to 598c on earlier this week but its not clear if this disposal played any role.