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Air China may get cash injection to up stake in Cathay
By Ding Yining |
April 20, 2012, Friday
|
Online Edition
Online Edition
AIR China said it may receive a 1.05 billion yuan (US$167 million) cash injection from its parent company to increase its stake in Cathay Pacific.
The carrier said its controlling shareholder, China National Aviation Holding Co, is considering injecting the funds to Air China. The money would come from the central government's operational budget for state-owned enterprises and would be allocated by the Ministry of Finance.
Trading in its shares was halted today on both Shanghai and Hong Kong's stock markets, pending an official announcement about the cash injection, according to filings to the two exchanges yesterday.
Air China currently holds a 29.9 percent stake in Cathay Pacific.
The carrier is also working on a potential non-public offering of shares, it said in the filing.
In 2011, Air China's revenue increased 19.9 percent from a year earlier to 97.1 billion yuan and profit dropped 39 percent on year to 7.5 billion yuan.
The carrier said its controlling shareholder, China National Aviation Holding Co, is considering injecting the funds to Air China. The money would come from the central government's operational budget for state-owned enterprises and would be allocated by the Ministry of Finance.
Trading in its shares was halted today on both Shanghai and Hong Kong's stock markets, pending an official announcement about the cash injection, according to filings to the two exchanges yesterday.
Air China currently holds a 29.9 percent stake in Cathay Pacific.
The carrier is also working on a potential non-public offering of shares, it said in the filing.
In 2011, Air China's revenue increased 19.9 percent from a year earlier to 97.1 billion yuan and profit dropped 39 percent on year to 7.5 billion yuan.
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