HNA Expands Operations in Norway

HNA investment in Norwegian listed company GTB Invest ASA boosts move into ship leasing and finance

New Board and management team to strengthen business growth

Jun 14, 2010, 00:31 ET from HNA Group Company Limited (HNA)

SYDNEY, June 14 /PRNewswire/ -- HNA Group Company Limited (HNA) of China, a leading investor in global aviation, shipping and logistics, and Bravia Capital Partners (Bravia), today announced their plans for the next phase of growth following their recent acquisition of a 33.33% shareholding in GTB Invest ASA (GTB), the listed Norwegian offshore services company. The investment is held by Oceanus International Investment AS. Oceanus is owned 90% by HNA and 10% by an affiliate of Bravia and Oceanus is GTB's largest shareholder.

   Following an Extraordinary General Meeting of GTB on June 10, GTB now has a rejuvenated Board of Directors and management team and steps have already been taken to adopt an outline Business Plan to transition the company into a ship owning/ship financing entity.    

   Mr. Adam Tan, Executive Director, HNA Group said: "HNA is very committed to growing its presence in the global shipping industry. Our investment in GTB provides us with an opportunity and platform to help deliver on this by accessing the knowledge and expertise available in Norway and combine its world class sector skills with our rapidly growing interests in China".

   "I am delighted to announce that GTB shareholders have elected a new Board to be chaired by Stewart Smith, who is currently Vice Chairman of HNA Group (Hong Kong) Co Limited, HNA's international holding company.  Other members of the Board include Svein Eggen, Anne Oian, Mari Thjomoe, Rebekka Glasser Herlofsen, Wen Jiang, and Liu Liang. All members of the new Board hold senior management and/or Board positions in major transport, finance and industrial companies."

   "The new Board will work closely with a new management team to put in place a long-term business strategy to position GTB for growth and expansion in shipping.  With this in mind, the Board has appointed Jan Hakon Pettersen as CEO and Garup Meidell as Deputy CEO. Both are very experienced with strong reputations and the necessary expertise to build GTB into a leader in the global ship financing/leasing marketplace," he added.

   Mr. Bharat Bhise, CEO, Bravia Capital Partners, said: "The renewed focus for GTB is very positive for all shareholders.  The plans are a reflection of HNA's commitment to the Asia-Pacific and European markets, and the investment in GTB will provide the opportunity for HNA to build on its position as a major investor and participant in the world shipping business."

   "This is another exciting development in HNA's international investment strategy, following its acquisition of the aircraft leasing assets and business of Allco Aviation earlier this year, since rebranded as Hong Kong Aviation Capital.  We are already seeing positive outcomes from that investment and we look forward to the further development and expansion of GTB in the future."

   GTB has a full listing on the Oslo Stock Exchange, with 3,500 shareholders.

   About HNA

   HNA Group Co. Limited ("HNA") is a leading China based conglomerate with substantial interests in tourism, transportation, financial services, real estate, infrastructure and logistics.  Based in Haikou and Beijing, China, HNA has total assets exceeding USD 25 billion. The HNA international website can be found at www.hnagroup.com.

   About Bravia

   Bravia Capital Partners is a New York based advisory, structured financing and fund management entity with a primary focus on transportation projects in Europe and Asia.  For more information, visit www.braviacapital.com.

   Media Contact


   Nic Jarvis

   Edelman

   nic.jarvis@edelman.com


   Jen McCloy

   Edelman

   jennifer.mccloy@edelman.com



SOURCE HNA Group Company Limited (HNA)



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