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SIA set for buying stake in China Eastern Airlines?

  • 2007-08-31
  • 来源:快捷航空
  • 点击量:25
文章摘要:TheChinesegovernmenthasreportedlygiventhefinalapprovalforChinaEasternAirlinestosellastaketoSingapore...
The Chinese government has reportedly given the final approval for China Eastern Airlines to sell a stake to Singapore Airlines (SIA). (8/29/2007)According to media reports, the two airlines are still discussing the price the Singapore carrier would offer and future cooperation plans, citing insiders with China Eastern. An agreement may be signed on September 2. The Singaporean carrier is tipped to team up with Temasek, Singapore’s state-owned investment company, and take a 25 percent shareholding in China Eastern Airlines worth a possible $930 million. Singapore Airlines’ stake could be as much as 15 percent. The acquisition is a direct challenge to Cathay Pacific Airways Ltd. of Hong Kong, which has 17.5 percent cross-shareholdings with Beijing-based Air China Ltd. -- the only comparable presence by a foreign carrier on the Chinese mainland. The media reports indicated that China Eastern will gain much-needed financial support and operational expertise from an industry leader. “China Eastern is the weakest of China’ three biggest state-run carriers. Heavily indebted, it has been bleeding cash, posting net losses of 467 million yuan ($61.7 million) for 2005 and 3.31 billion yuan for last year. It also faces increasing competition at its Shanghai base,” reported a publication. A 25 percent stake in China Eastern via the issue of new shares would cost about $1 billion, according to calculations by Goldman Sachs based on China Eastern’ share price just before Singapore Airlines statement in May. Chinese news media also have reported that the acquisition would be valued at about $1 billion.


本文链接地址:http://www.kuaijieair.com/news/show-28055.html
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