AVIC flies closer to list group by 2011
By Winny Wang |
January 21, 2010, Thursday
|
Print Edition
Print Edition
CHINA'S biggest airplane maker listed 90 billion yuan (US$13.18 billion) of assets last year, which brought it a step closer to achieve its target of a group listing by next year.
Aviation Industry Corp of China restructured 20 companies in 16 projects last year to increase the total listed assets to 147.3 billion yuan, a rise of 158 percent from the end of 2008, it said in a statement yesterday.
It was also ready to inject all aircraft assets into Xi'an Aircraft International Corp, which is due to be done in the first quarter of this year.
AVIC raised 3.68 billion yuan from the equity market last year, including 2.69 billion yuan from the nation's pension fund and Bank of China Group Investment Ltd, for its subsidiary, AVIC International.
AVIC, which manages nearly 200 subsidiaries, aims to inject 80 percent of all its assets into more than 20 listed arms by 2011.
It acquired 10 projects last year, including buying a majority stake in an Austrian aircraft parts maker.
Aviation Industry Corp of China restructured 20 companies in 16 projects last year to increase the total listed assets to 147.3 billion yuan, a rise of 158 percent from the end of 2008, it said in a statement yesterday.
It was also ready to inject all aircraft assets into Xi'an Aircraft International Corp, which is due to be done in the first quarter of this year.
AVIC raised 3.68 billion yuan from the equity market last year, including 2.69 billion yuan from the nation's pension fund and Bank of China Group Investment Ltd, for its subsidiary, AVIC International.
AVIC, which manages nearly 200 subsidiaries, aims to inject 80 percent of all its assets into more than 20 listed arms by 2011.
It acquired 10 projects last year, including buying a majority stake in an Austrian aircraft parts maker.
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