April 28, 2018 / 10:08 AM / 7 months ago

China's HNA says Ingram Micro to apply for $4 billion of financing

FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - Electronics distributor Ingram Micro Inc, owned by Chinese conglomerate HNA Group, plans to apply for financing of up to $4 billion (2.90 billion pounds) from financial institutions in 2018, according to a regulatory filing from its owner.

HNA Technology Co Ltd (600751.SS), a unit of HNA that owns Ingram Micro, said in a filing to the Shanghai Stock Exchange late on Friday regarding its 2018 financing plans that Ingram Micro and subsidiaries plan to apply for the equivalent of that amount, while its other subsidiary GCL Investment Holdings plans to apply for up to $2 billion.

HNA, a transportation and hospitality group headquartered in Hainan, had been on an international buying spree before it ran into financial difficulties in recent months. It bought Ingram Micro for $6 billion last year.

HNA Technology itself plans to apply for no more than 8 billion yuan ($1.26 billion) of funding, according to the same filing, which did not disclose the planned use of the funds. It also said the company may adjust the financing plans of its units internally as needed.

Separately, HNA Infrastructure Investment Group Co Ltd (600515.SS), a property development arm of HNA, said in filings late on Friday that it is planning credit financing of 55 billion yuan in 2018.

Its 2017 net profit doubled to 1.99 billion yuan from a year ago, and net profit in the first quarter of this year jumped 2371.5 percent to 577.9 million yuan.

HNA Technology, formerly known as Tianjin Tianhai Investment Co., late on Friday reported that net loss in the first quarter widened to 51.5 million yuan from 15.8 million yuan ago, while full-year profit in 2017 grew 155 percent.

Reporting by Sijia Jiang and Hong Kong Newsroom; Editing by Kenneth Maxwell

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