22-Apr-2016 10:26 AM

China Eastern Airlines parent and Ctrip sign cooperation agreement, invest in China Eastern

China Eastern Airlines parent China Eastern Air Holding signed (21-Apr-2016) a strategic cooperation agreement with Ctrip International on 21-Apr-2016. According to the agreement, Ctrip has agreed to invest CNY3 billion (USD500 million) in China Eastern Airlines' A share through a private placement of shares. The online travel agent will also further increase its ownership stake in China Eastern to 10% in the next 12 months following the placement. In the long-term, China Eastern Air Holding and Ctrip will collaborate on a broad range of products and services such as low cost transportation solutions, international air travel, IT technology, travel insurance and e-commerce. Ctrip may be entitled to appoint an observer or a director to China Eastern's board of directors. Trading of China Eastern's shares in Hong Kong and Shanghai will resume at 09:00 on 22-Apr-2016. [more - original PR - Chinese] [more - original PR]

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