Thursday 17 October 2019

China's HNA could sell all or part of SR Technics

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John Mulligan

John Mulligan

HNA Group, the embattled Chinese conglomerate, is exploring options for Swiss aircraft-maintenance firm SR Technics including a potential sale, people familiar with the matter said.

HNA is working with an adviser on the potential disposal, the people said.

HNA's 80pc stake in SR Technics could be valued at $700m to $1bn. Last year, HNA sold a $2bn minority stake in Irish-headquartered aircraft lessor Avolon Holdings to Japan's Orix Corp. The Avolon stake was held via HNA's investment in Bohai Leasing

Though HNA began its selling spree with sales of property and other peripheral businesses, the Chinese conglomerate has started unloading assets close to its core aviation operations as it seeks to trim debt.

SR Technics has three offices in Ireland, although its main business here was taken over by Conor McCarthy's Dublin Aerospace following the closure of the SR Technics business at Dublin airport in 2009.

Additional reporting Reuters

Irish Independent

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