Loading
25-Oct-2012 12:17 PM

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]

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More