January 14, 2018 / 11:11 AM / a year ago

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

SHANGHAI (Reuters) - Tianjin Tianhai Investment Co Ltd (600751.SS), a unit of Chinese aviation and shipping conglomerate HNA Group [HNAIRC.UL], 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 (SNX.N).

“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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