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China Eastern Airlines and Shanghai Airlines shareholders approval joint restrucuturing plan

12-Oct-2009 10:00 AM

China Eastern Airlines and Shanghai Airlines shareholders approved the first joint restructuring plan involving two listed companies in China's civil aviation history on 09-Oct-2009 (People's Daily Online, 10-Oct-2009). The restructuring plans were passed by a large majority at respective meetings of shareholders on 09-Oct-2009. The approval marks the completion of all internal legal proceedings related to the joint restructuring, with the plan now awaiting approval from the China Securities Regulatory Commission (CSRC). The plan has already passed the antitrust investigation of the Ministry of Commerce and has been approved by the CAAC and the State-owned Assets Supervision and Administration Commission. Once the restructuring is completed, New China Eastern Airlines will be established and China Eastern Airlines will be the new company's largest shareholder, holding 61.24% of its total shares. Shanghai Alliance Investment Ltd and Jinjiang International (Group) Ltd will be the second and third largest shareholders of the new company, respectively. [more - China Eastern]