Loading

China's AVIC I Commercial Aircraft appoints Citibank as IPO advisor - report

Beijing (XFN-ASIA) - AVIC I Commercial Aircraft Co Ltd, a unit

of China Aviation Industry Corp I (AVIC I), has appointed Citibank as advisor

for its planned overseas initial public offering (IPO), the 21st Century Business

Herald reported, citing AVIC I's aircraft division director Wang Yawei.

Citibank is drawing up the IPO plan for AVIC I Commercial Aircraft,

Wang said.

He told the newspaper that AVIC I's Shanghai Aircraft Manufacturing Factory, a manufacturer of large commercial aircraft, will inject its entire assets into AVIC I Commercial Aircraft, and the transaction is expected to be completed within two months.

Separately, the report also said that AVIC I's aero-engine business will be injected into China Resources (Jilin) Bio-Chemical Co Ltd (SHA 600893), while its civilian aircraft business will be injected into Xi'an Aircraft International Corp (SZA 000768).

AVIC I is also targeting at listing more units, the report added.

The firm's 2006 revenue stood at 81.5 bln yuan, up 16.6 pct year-on-year. Its profit rose 55 pct to 3.58 bln yuan during the same period, the report said.

The group expects its 2007 revenue to reach 100 bln yuan with a profit of more than 4 bln.