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HNA Group to consolidate airline brands

12-Apr-2012 12:10 PM

Hainan Airlines announced (12-Apr-2012) it has been informed by its majority shareholder Grand China Air and shareholder HNA Group of plans to transfer management rights and ownership in Lucky Air, Tianjin Airlines, China West Air, Beijing Capital Airlines and Hong Kong Airlines to Hainan Airlines in order to avoid competition among its airlines. Details include:

  • Grand China Air:
    • Transfer management in Lucky Air to Hainan Airlines before the release of Hainan Airlines 1H2012 results;
    • Transfer its entire equity stake in Lucky Air to Hainan Airlines within 36 months of Hainan Airlines’ non-public stock offering;
    • Transfer its entire aviation business to Hainan Airlines within 60 months of Hainan Airlines’ non-public stock offering;
  • HNA Group: