April 10, 2018 / 12:39 PM / 12 days ago

HNA Group defers Swissport IPO, citing market conditions

ZURICH, April 10 (Reuters) - HNA Group’s Swiss ground services and cargo handling unit Swissport Group will defer plans to float shares on the SIX Swiss Exchange “due to current market conditions”, it said on Tuesday.

HNA had been expected to list Swissport by summer, hoping to secure a valuation of at least 2.7 billion Swiss francs ($2.83 billion) for the company, the price it paid in 2015, people close to the matter had said earlier this year.

HNA Group last month also scrapped its planned listing of Swiss-based airline caterer Gategroup at the 11th hour, dealing a blow to the cash-strapped Chinese conglomerate’s efforts to reduce its debt mountain. ($1 = 0.9542 Swiss francs) (Reporting by Zurich newsroom)

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