Chinese group HNA expands business by buying shares in duty-free stores

Chinese group HNA has acquired 16.2 percent of the Dufry group, raising its stake in the Basel-based group to 20.92 percent, which operates more than 2,200 duty-free and duty-paid stores in airports, ports, cruise ships, train stations and tourist areas, the Swiss group said yesterday.

This deal was made with the GIC and Temasek companies, and the trade press reported that the HNA group has invested more than USD1 billion in the Dufry group, taking into account its market capitalization.

The HNA Group is a conglomerate based on Hainan Island which operates in the aviation, industrial, tourism, logistics and financial sectors and became a shareholder of airline Azul – Linhas Aéreas Brasileiras after paying 1.7 billion reais for a 23.7 percent stake.

Under the deal, the Chinese group has an indirect stake in TAP-Portugal, having in May 2016 announced that it purchased 25 percent of the company’s convertible bonds for 30 million euros.

The deal, which was made through Azul (a company that is part of the Atlantic Gateway consortium, a shareholder of TAP), has allowed the Chinese group to increase its economic interests in TAP to 23 percent and to take a seat on the board of directors.

Beijing Capital Airlines, of the HNA group, recently established a link between China and Portugal, specifically between Hangzhou and Lisbon, with a stopover in Beijing, with an initial frequency of three flights a week.

In July, the group concluded the purchase for $19 million of Brazilian group Odebrecht’s stake in the RioGaleão consortium that manages Tom Jobim International Airport in Rio de Janeiro.  MDT/Macauhub