Haikou Hangchuang Cabin Services, which is controlled by the HNA Group, has agreed to buy an 8.55% stake in Tianjin Airlines.

A Hainan Airlines stock exchange disclosure states that Tianjin Chuangxin Investment Partnership will sell its entire stake in the Tianjin-based airline to Haikou Huangchang at a price of no less than CNY1.48 per share.

The number of shares or indicative value of the transaction were not included in the disclosure, but the transaction was approved by Hainan Airlines’ board.

After the transaction is complete, Hainan Airlines will continue to hold the largest stake in Tianjin Airlines at 87.3%, followed by Haikou Hangchuang at 8.55%, and Tianjin Free Trade Zone investment the remaining 4.18%.

The Tianjin transaction came the same day that Hainan Airlines announced that it would sell its remaining 17.2% economic interest in Brazilian carrier Azul.

Hainan Airlines’ Shanghai-listed shares have been in a trading halt since January as the carrier completes a complicated transaction with HNA that will see it acquire stakes in seven companies, including SR Technics, Guilin Airlines and West Air.

The carrier also announced in early June plans to raise CNY7 billion ($1.06 billion) through a private share issue to up to 10 investors, including Singapore’s sovereign wealth fund Temasek Holdings.

Source: Cirium Dashboard