HAINAN Airlines said Friday it had sold its remaining stake in Brazilian airline Azul SA in a deal that netted it US$306.25 million after deducting underwriting fees.

The carrier, part of financially troubled Chinese conglomerate HNA, said in a statement that it had sold 19.38 million American Depositary Shares at US$16.15 per unit, equivalent to 58.14 million preference shares, and no longer held any shares in the Brazilian carrier after the deal.

The buyers were a number of U.S. institutional investors who were not connected to Hainan Airlines, it said, adding that the sale would help it optimize its asset structure, maintain good liquidity of assets and focus on its core business.

The firm had in April sold part of its stake in Azul to a subsidiary of United Airlines’ parent United Continental Holdings for US$138.3 million. In June, it said it planned to sell its remaining shareholding. (SD-Agencies)