Air China To Sell Up To 400 Million Shares
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Air China plans to sell up to 400 million additional shares on domestic markets to help bankroll the carrier's purchase of 30 Boeing and 24 Airbus aircraft.
The airline said on Wednesday it had decided to sell the yuan-denominated A shares, which are not available to most foreign investors, amounting to 5.1 percent of its existing A-share capital, to be listed in Shanghai.
The firm, which is also listed in Hong Kong, did not say how much it hoped to raise. But it added in a statement that about CNY1.5 billion yuan (USD$201 million) of the share sale proceeds would go towards replenishing working capital.
Air China has previously disclosed details of the Airbus and Boeing plane purchases, which include 787s, 737s, and A320s.
The share offering awaits government and shareholder approval.
(Reuters)
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