HNA Group has sold all of its shares in South African regional carrier Comair.

The disclosure was made by Comair on the Johannesburg Stock Exchange on 17 May. It did not provide further details on the number of shares sold and the transaction amount.

In 2015, HNA acquired a 6.2% stake in Comair at R159.9 million ($12.7 million). It had purchased 29 million shares at R5.5 each.

Comair operates both British Airways franchise, and budget operator Kulula.

HNA has been in a liquidity crunch and has been selling a number of real estate and assets as it seeks to raise cash to service its debt-fuelled acquisition binge in recent years.

Source: Cirium Dashboard