Air China may get capital to increase stake
By Ding Yining |
April 21, 2012, Saturday
|
Print Edition
Print Edition
AIR China, the nation's biggest international carrier, may get 1.05 billion yuan (US$167 million) cash injection from its parent to increase its stake in Hong Kong's Cathay Pacific Airways.
Air China said its controlling shareholder, China National Aviation Holding Co, is considering injecting the money. The Ministry of Finance will allocate the funds from the central government's operational budget for state-owned enterprises.
Air China's shares were suspended from trading yesterday on both the Shanghai and Hong Kong stock markets, pending an announcement of the cash injection, according to filings to the two exchanges.
Last year, the carrier said the ministry would provide the funds for it to boost its stake in Cathay Pacific where it holds a 29.9 percent stake.
Air China is also working on a potential non-public offering of shares, it said in the filings.
In 2011, Air China's net profit tumbled 39 percent to 7.5 billion yuan on increasing fuel cost.
Air China said its controlling shareholder, China National Aviation Holding Co, is considering injecting the money. The Ministry of Finance will allocate the funds from the central government's operational budget for state-owned enterprises.
Air China's shares were suspended from trading yesterday on both the Shanghai and Hong Kong stock markets, pending an announcement of the cash injection, according to filings to the two exchanges.
Last year, the carrier said the ministry would provide the funds for it to boost its stake in Cathay Pacific where it holds a 29.9 percent stake.
Air China is also working on a potential non-public offering of shares, it said in the filings.
In 2011, Air China's net profit tumbled 39 percent to 7.5 billion yuan on increasing fuel cost.
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