Merger to result in savings for China Eastern
By Winny Wang |
March 20, 2010, Saturday
|
Print Edition
Print Edition
CHINA Eastern Airlines will save at least 680 million yuan (US$99.56 million) this year after acquiring Shanghai Airlines, General Manager Ma Xulun said yesterday.
The two carriers have completed integrating marketing, information technology and ground services, and are still discussing how to integrate their cargo and logistics arms, Ma said on the sidelines of a shareholder meeting.
China Cargo Airlines, a subsidiary of China Eastern, and Shanghai Airlines Cargo Intl Co are owned by several shareholders and China Eastern is talking to these shareholders about merging the two units, he said.
Shanghai-based China Eastern, the country's second-largest carrier, last week bought 51 percent in Great Wall Airlines to cement its presence in the Shanghai cargo market to tap the booming air freight business.
"The cargo firm will be eventually injected into the listed company, but there is no timetable so far," Ma said.
China Eastern's takeover of Shanghai Airlines via a share swap has resulted in a bigger carrier with an operating capital of more than 150 billion yuan, a fleet of 331 aircraft and more than 600 routes linking 151 destinations.
The two carriers have completed integrating marketing, information technology and ground services, and are still discussing how to integrate their cargo and logistics arms, Ma said on the sidelines of a shareholder meeting.
China Cargo Airlines, a subsidiary of China Eastern, and Shanghai Airlines Cargo Intl Co are owned by several shareholders and China Eastern is talking to these shareholders about merging the two units, he said.
Shanghai-based China Eastern, the country's second-largest carrier, last week bought 51 percent in Great Wall Airlines to cement its presence in the Shanghai cargo market to tap the booming air freight business.
"The cargo firm will be eventually injected into the listed company, but there is no timetable so far," Ma said.
China Eastern's takeover of Shanghai Airlines via a share swap has resulted in a bigger carrier with an operating capital of more than 150 billion yuan, a fleet of 331 aircraft and more than 600 routes linking 151 destinations.
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