Shenzhen International Holdings Limited announced (04-Jan-2012) the company completed the acquisition of a 24% equity interest in Shenzhen Airlines Company Limited (Shenzhen Airlines) on 04-Jan-2012. As at the completion of the transaction, Shenzhen International has increased its indirect equity interest in Shenzhen Airlines from 25% to 49%, while the remaining 51% is owned by Air China Limited. Shenzhen International Holdings stated Shenzhen Airlines contributed a profit of HKD187 million (USD24.1 million) to the company in 1H2011, representing an approximate 3.5-fold increase from a profit of HKD41.75 million in the corresponding period of the previous year. [more - original PR]
Shenzhen International Holdings Limited: "The market demand for domestic air transportation has continued to grow, contributing to a sound operating environment and thereby good operating results for Shenzhen Airlines. We believe this transaction can further enhance returns for the Company's shareholders," Guo Yuan, chairman. Source: Company statement, 04-Jan-2012.