Way out to sell airline holdings
By Winny Wang |
January 9, 2010, Saturday
|
Print Edition
Print Edition
SHAREHOLDERS who disagree with the merger of China Eastern Airlines and Shanghai Airlines can apply to sell off their holdings between next Tuesday and Thursday.
China Eastern, the bigger of the city's two airlines, will be suspended from trading over the three days, during which dissenting shareholders who intend to exercise the buy-back option can sell their shares at 5.28 yuan (77 US cents) each to the State Development and Investment Corp, the carrier said in a statement to Shanghai Stock Exchange on late Thursday.
Dissenting shareholders of Shanghai Airlines can apply to exercise their cash options to sell their holdings to the SDIC at 5.50 yuan per share during the period.
The respective airlines' shareholders are not expected to exercise the buy-back or cash options at lower prices because China Eastern's share price reached 6.10 yuan yesterday and Shanghai Airlines was 7.07 yuan, according to observers.
Trading in Shanghai Airlines shares will stop on Tuesday, and the stock delisted after the merger.
China Eastern, the bigger of the city's two airlines, will be suspended from trading over the three days, during which dissenting shareholders who intend to exercise the buy-back option can sell their shares at 5.28 yuan (77 US cents) each to the State Development and Investment Corp, the carrier said in a statement to Shanghai Stock Exchange on late Thursday.
Dissenting shareholders of Shanghai Airlines can apply to exercise their cash options to sell their holdings to the SDIC at 5.50 yuan per share during the period.
The respective airlines' shareholders are not expected to exercise the buy-back or cash options at lower prices because China Eastern's share price reached 6.10 yuan yesterday and Shanghai Airlines was 7.07 yuan, according to observers.
Trading in Shanghai Airlines shares will stop on Tuesday, and the stock delisted after the merger.
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