AIR CHINA plans to raise up to CNY15 billion (US$2.2 billion) through a private offering on the Shanghai Stock Exchange to expand its fleet and replenish working capital, reports Hong Kong's South China Morning Post.
The flagship carrier is aiming to sell 4.36 billion new shares, or 30 per cent of its existing capital, to 35 designated investors, according to a stock exchange filing. They include controlling shareholder China National Aviation Holding, which is expected to buy CNY5.5 billion worth of the shares.
The carrier said CNY10.8 billion of the proceeds would be used to buy 22 planes, including nine ARJ21 regional jets, four A320neo and nine A350 passenger planes from Airbus. The remaining CNY4.2 billion would be used to replenish its working capital.
SeaNews Turkey
The flagship carrier is aiming to sell 4.36 billion new shares, or 30 per cent of its existing capital, to 35 designated investors, according to a stock exchange filing. They include controlling shareholder China National Aviation Holding, which is expected to buy CNY5.5 billion worth of the shares.
The carrier said CNY10.8 billion of the proceeds would be used to buy 22 planes, including nine ARJ21 regional jets, four A320neo and nine A350 passenger planes from Airbus. The remaining CNY4.2 billion would be used to replenish its working capital.
SeaNews Turkey
