Air China gains control over Shenzhen Airlines
Air China International made announcement on March 21 that it has gained control of Shenzhen Airlines through an investment of 680 million Yuan, which makes its stake in Shenzhen Airlines rise to 51% from 25%.
The announcement says Shenzhen Airlines has increased its registered capital by 512.5 million Yuan, Air China invests 680 million Yuan, of which 340 milion Yuan are registered capital and 343 million Yuan are capital reserve, and China Total Logistics invest 348 million Yuan, of which 173 million Yuan are registered capital and 175 million Yuan are capital reserve. After the capital increase, Air China International’s stake in Shenzhen Airlines rises to 51% from 25%, becoming the controlling shareholder of Shenzhen Airlines. China Total Logistics’ stake in Shenzhen Airlines rises to 25% and the former controlling shareholder’s stake declines to 24% from 65%.
The announcement says the purchase this time will improve the current financial status of Shenzhen Airlines and also the domestic and international airline network of both the parties and at the same time will consolidate the two parties’ market position in the Pearl River Delta areas.
Shenzhen Post Elaine Contributes to the Story.
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