Hainan Airlines confirms USD188m investment in Fuzhou Airlines

Hainan Airlines confirmed (25-Oct-2012) the carrier will invest CNY1200 million (USD187.5 million) in cash and assets for a 60% stake in Fuzhou Airlines, a proposed JV between Hainan Airlines, Fuzhou State-owned Assets Investment Holdings Co, Century Golden Resources Group and Ningbo Ruitong Network Technology Co. Fuzhou State-owned Assets Investment Holdings Co will invest CNY400 million (USD62.5 million) for a 20% stake while the remaining 20% will be split evenly among Century Golden Resources Group and Ningbo Ruitong Network Technology Co. A formal agreement was signed on 24-Oct-2012. Fuzhou Airlines will have nine directors, five of which will be recommended by Hainan Airlines. The start-up carrier will operate domestic and international passenger and cargo air services. [more - original PR - Chinese]