Hainan Airlines to sell entire stake in Azul

Hainan Airlines announced (27-Jun-2018) plans to sell its 58.1 million shares in Azul, which account for 17.95% of Azul's preferred shares, 17.28% of the carrier's economic interest and 4.64% of its total share capital. Hainan Airlines said the decision is based on the carrier's overall development plan and securities market environment, adding the sale will help the company optimise its asset structure and asset liquidity. Azul and Hainan do not expect the offering to result in any material change to their strategic plan or commercial relationship. Citigroup Global Markets, Deutsche Bank Securities and UBS Securities will act as representatives of the underwriters and Banco Bradesco BBI SA and Itau BBA USA Securities are acting as underwriters with respect to the offering of the American depositary shares by Hainan. [more - original PR - Hainan Airlines - Chinese] [more - original PR - Azul]