Stake raised to tap air travel demand
By Winny Wang |
May 10, 2011, Tuesday
|
Print Edition
Print Edition
SHENZHEN International Holding Ltd will increase its stake in Shenzhen Airlines from 25 percent to 49 percent to tap the growing market demand for domestic air transport.
The investor in logistics facilities will buy the 24 percent stake from Shenzhen Huirun Investment Co for 789 million yuan (US$121 million) through its wholly-owned subsidiary Shenzhen International Total Logistics Co, it said in a filing to Hong Kong Exchanges and Clearing Ltd.
"Driven by continuing domestic economic growth, together with an increase in Chinese consumption and accelerated urbanization of the country, the market demand for domestic air transport continues to grow, contributing to a sound operating environment and good operating results for Shenzhen Airlines," the statement said.
Air China will still control Shenzhen Airlines with 51 percent.
The investor in logistics facilities will buy the 24 percent stake from Shenzhen Huirun Investment Co for 789 million yuan (US$121 million) through its wholly-owned subsidiary Shenzhen International Total Logistics Co, it said in a filing to Hong Kong Exchanges and Clearing Ltd.
"Driven by continuing domestic economic growth, together with an increase in Chinese consumption and accelerated urbanization of the country, the market demand for domestic air transport continues to grow, contributing to a sound operating environment and good operating results for Shenzhen Airlines," the statement said.
Air China will still control Shenzhen Airlines with 51 percent.
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