Hainan Airlines Holdings (HAH) has announced it will dispose of its remaining equity in Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) as part of an ongoing restructuring of its assets and to comply with US local securities trading regulations.
A filing with the Shanghai Stock Exchange (SSE) on Wednesday, June 27, said HAH's board had voted in favour of disposing of its 58,138,006 shares in Azul, equivalent to a 17.18% economic stake or 4.64% of its total share capital.
Following the completion of the offering, HAH will no longer have the right to appoint any directors to Azul’s board of directors. Azul and HAH said they do not expect the divestiture to result in any material change to the strategic plan or commercial relationship between them.
In April, HAH sold off a 4.32% stake in Azul to an SPV controlled by United Continental Holdings.
