Air China planning Shanghai IPO to raise about 8 bln yuan - report


BEIJING (XFNews-ASIA) - Flag carrier Air China is planning to issue 2.7 bln A-shares to raise about 8 bln yuan through an initial public offering in Shanghai, the Shanghai Securities News reported, citing company spokesman Zheng Baoan.

Zheng said China International Capital Corp Ltd, CITIC Securities and Galaxy Securities will be the underwriters.

"The plan is still pending approval by the China Securities Regulatory Commission, and so there is no concrete timetable for the issue," he said.

Air China earlier announced its shareholders have approved the issuance of up to 2.7 bln A-shares on the Shanghai Stock Exchange, with proceeds going to the purchase of Airbus and Boeing aircraft. The company is listed in Hong Kong and London.

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