Seaco sale could fetch HNA US$1b

Business | Bloomberg 11 Sep 2018

HNA Group is seeking a buyer for its container-leasing business Seaco, marking the latest attempt by the Chinese conglomerate to reduce its debt pile.

HNA is working with an adviser on the potential sale, which could fetch about US$1 billion (HK$7.8 billion). The conglomerate decided to sell Seaco as part of its strategy to divest assets unrelated to its core aviation business, sources said.

Seaco, which is controlled by HNA's Shenzhen-listed Bohai Capital Holding unit, may draw interest from other global rivals in the container leasing industry.

Seaco should see strong bids, and those potentially interested could include Triton International, Textainer Group Holdings or Chinese box manufacturer China International Marine Containers (Group), said Rahul Kapoor, a Singapore-based transportation and logistics analyst with Intelligence.

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