HNA's Tianjin Tianhai says reports that firm plans to sell Ingram Micro are false

By Kitco News / January 14, 2018 / www.kitco.com / Article Link

SHANGHAI, Jan 14 (Reuters) - Tianjin Tianhai Investment Co Ltd , a unit of Chinese aviation and shipping conglomerate HNA Group , said on Sunday that media reports that the firm planned to sell Ingram Micro were false.

The firm said the company was not involved in a situation as described by Chinese media reports, which said Tianjin Tianhai was looking to sell its U.S. electronics distributor subsidiary, Ingram Micro Inc, to Synnex Corp .

"Ingram Micro is an important, strategic investment project to the company and is a key cornerstone and asset to the company's transformation and development," it said in a statement to the Shanghai Stock Exchange.

It said that Ingram Micro's operating income in the third quarter grew 10.79 percent year-on-year and net profits rose 6.14 percent over the same period.

Tianjin Tianhai bought Ingram Micro last year for about $6 billion. The company on Friday halted share trading and said that it planned to disclose a "major plan". (Reporting by Brenda Goh, editing by Louise Heavens)

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