China"™s Hainan Airlines (600221.SS) said on Wednesday it plans to sell its remaining stake in Brazilian airline Azul SA (AZUL.N), but did not disclose details.
The carrier, part of the sprawling and financially troubled HNA conglomerate, in April sold part of its stake in Azul to a subsidiary of United Airlines parent United Continental Holdings (UAL.N) for $138.3 million.
Hainan"™s remaining stake, accounting for 17.95 percent of preferred shares and a 17.28 percent economic interest in the airline is worth around $324 million, based on Azul"™s market value as of Tuesday"™s close.
Hainan said the sale was a strategic decision in light of equity market conditions and that it would help the firm maintain liquidity and keep its asset restructuring on track.
HNA, the aviation-to-financial services conglomerate, has been selling overseas real estate and some of its biggest financial and strategic investments following a $50 billion acquisition spree over the past two years…