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431 million yuan boost for Air Macau
By Winny Wang |
June 2, 2009, Tuesday
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Online Edition
Online Edition
AIR Macau Co Ltd will receive 431 million yuan (US$63 million) from its controlling shareholder Air China Ltd and other major shareholders to help get it through the economic downturn.
"Since the net asset value of Air Macau has become lower than half of the value of its issued share capital and became negative, Air Macau shareholders have to make a monetary contribution to replenish the assets," Air China said in a statement to the Shanghai Stock Exchange today.
The carrier has suffered operating losses in recent years and the situation worsened in 2008 with negative net assets of 104.2 million Hong Kong dollars (US$13.44 million).
Air China holds 51 percent of Air Macau via its subsidiary China National Aviation Corp (Macau) Co Ltd, and the Macau government owns 5 percent of the carrier.
The cash injection plan includes reducing share capital to HK$971,000 on a pro-rata shareholding basis, establishing a non-distributable reserve and increasing the share capital in Air Macau by issuing ordinary shares and non-voting redeemable preference shares.
Orient Securities Co suggested investors buy in shares of Air Macau.
Air Macau runs 11 passenger jets and two cargo jets, mainly serving Taiwan routes. The carrier faced bigger challenges after the launch of regular direct flights between Taiwan and the Chinese mainland, said Kong Dong, chairman of Air China, in an earlier interview.
The regular flights allow passengers to fly directly between 27 terminals in major cities on the mainland and eight terminals in Taiwan rather than making a transit stop in Hong Kong or Macau. This has sharply reduced passenger traffic in the two cities.
"Since the net asset value of Air Macau has become lower than half of the value of its issued share capital and became negative, Air Macau shareholders have to make a monetary contribution to replenish the assets," Air China said in a statement to the Shanghai Stock Exchange today.
The carrier has suffered operating losses in recent years and the situation worsened in 2008 with negative net assets of 104.2 million Hong Kong dollars (US$13.44 million).
Air China holds 51 percent of Air Macau via its subsidiary China National Aviation Corp (Macau) Co Ltd, and the Macau government owns 5 percent of the carrier.
The cash injection plan includes reducing share capital to HK$971,000 on a pro-rata shareholding basis, establishing a non-distributable reserve and increasing the share capital in Air Macau by issuing ordinary shares and non-voting redeemable preference shares.
Orient Securities Co suggested investors buy in shares of Air Macau.
Air Macau runs 11 passenger jets and two cargo jets, mainly serving Taiwan routes. The carrier faced bigger challenges after the launch of regular direct flights between Taiwan and the Chinese mainland, said Kong Dong, chairman of Air China, in an earlier interview.
The regular flights allow passengers to fly directly between 27 terminals in major cities on the mainland and eight terminals in Taiwan rather than making a transit stop in Hong Kong or Macau. This has sharply reduced passenger traffic in the two cities.
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