HNA Group Pledges Postal Bank Shares in Deal to Borrow Cash
- Transaction doesn’t reduce stake in lender, HNA says
- HNA invested more than HK$7 billion in Postal Bank at IPO
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HNA Group Co. used part of its stake in Postal Savings Bank of China Co. to borrow money, as the Chinese conglomerate seeks to boost liquidity amid concerns debt from acquisitions is weighing on its finances.
HNA pledged 919.3 million shares, a 4.13 percent stake, at HK$3.08 apiece on Dec. 15, the group said in a filing late Thursday, without saying how much it borrowed. HNA lent the shares to institutional investors as part of a financing arrangement that doesn’t reduce its holding in the bank, a representative of the company said in an email. Postal Bank shares closed at HK$4.04 Thursday.