Airlines in line for cash injection
By Winny Wang |
July 30, 2009, Thursday
|
Print Edition
Print Edition
THE parent companies of China's three largest airlines are expected to get a total of 3.1 billion yuan (US$453 million) from the central government to weather the economic downturn.
China National Aviation Co and China Southern Air Holding Co, the parents of Air China and China Southern Airlines, may each get 1.5 billion yuan.
China Eastern Air Holding Co, parent of China Eastern Airlines, may get 100 million yuan, Shanghai Securities News quoted an unnamed source as saying yesterday.
The State-owned Assets Supervision and Administration Commission has convened meetings with the three groups about the cash injections, according to the newspaper.
"I have no idea about the 100-million-yuan cash injection, and we are busy with the 7-billion-yuan new share sales," said Luo Zhuping, board secretary of the Shanghai-based China Eastern.
The carrier planned to raise 7 billion yuan by issuing shares to no more than 10 investors to replenish its working capital and take over its smaller rival, Shanghai Airlines.
China Eastern lost 14 billion yuan last year.
China National Aviation Co and China Southern Air Holding Co, the parents of Air China and China Southern Airlines, may each get 1.5 billion yuan.
China Eastern Air Holding Co, parent of China Eastern Airlines, may get 100 million yuan, Shanghai Securities News quoted an unnamed source as saying yesterday.
The State-owned Assets Supervision and Administration Commission has convened meetings with the three groups about the cash injections, according to the newspaper.
"I have no idea about the 100-million-yuan cash injection, and we are busy with the 7-billion-yuan new share sales," said Luo Zhuping, board secretary of the Shanghai-based China Eastern.
The carrier planned to raise 7 billion yuan by issuing shares to no more than 10 investors to replenish its working capital and take over its smaller rival, Shanghai Airlines.
China Eastern lost 14 billion yuan last year.
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