Aviation catering company, the Zurich-based Gategroup, and its main shareholder, HNA Aviation Air Catering (Hong Kong), are reported to be evaluating the SIX Swiss Exchange in Zurich as a listing for its initial public offering (IPO).
More details have yet to be announced from HNA but reports are emerging about errors in the offering prospectus highlighted by the Swiss Takeover Board, which claims there is incorrect shareholding information about, Guan Jun and Bharat Bhise, which were not disclose as acting as trustees holding shares for some of HNA’s top executives, who should have been listed as beneficial owners in the prospectus. The board has previously asked the company to clarify its ownership structure when it first bought the catering arm.
HNA claims to have provided all of the necessary information and the board’s action “doesn’t have any impact on the validity of the takeover of Gategroup as such, which has already successfully completed”.
More media reports are suggesting that this is the start of a reversal of HNA’s buying spree that has encompassed purchasing shares in Deutsche Bank and Hilton Worldwide Holdings, including investing in aviation assets such as leasing company Avolon via Bohai Leasing.
Reports state that the conglomerate is seeking to offload assets that do not confirm with Chinese government policies.