Tianjin Tianhai denies any plans to sell Ingram Micro

Tianjin Tianhai Investment, a unit of Chinese aviation and shipping conglomerate HNA Group, has responded that media reports claiming that the firm planned to sell Ingram Micro were false, according to Reuters.

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 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”.