Hainan Airlines increase Lucky Air stake to 86.7% for USD266m cash

Hainan Airlines announced (11-Dec-2013) plans to transfer shareholder Grand China Air Co's 52.9% shareholding in Lucky Air for CNY1702 million (USD265.9 million) in cash. Following the share transfer, Hainan Airlines' shareholding in Lucky Air will be 86.68% while the remaining 13.32% will be held by Yunnan Provincial People's Government State-owned Assets Supervision and Administration Commission. Hainan Airlines stated the move is aimed at eliminating potential competition of shareholder Grand China Air as well as expanding its own scale of business and competitiveness. [more - original PR - Chinese]