gategroup abandons floatation plans in tough market

gategroup abandons floatation plans in tough market

gategroup Holding has abandoned a recently announced plan to seek an initial public offering.

Together with its shareholder HNA Group, the company said earlier it would no longer seek to lists its share on the Six Swiss Exchange due to a “gap in valuation” under current market conditions.

“We will continue to implement our Gateway 2020 strategy, which has positioned gategroup as the market leader and allowed us to double results over the past two years.

“We remain committed to continue generating value for our customers and shareholders,” said Xavier Rossinyol, chief executive.

gategroup is an airline catering, retail-on-board and hospitality products provider.