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Hainan Airlines injects capital into Hong Kong Airlines/Hong Kong Express parent

31-May-2013 11:54 AM

Hainan Airlines approved (31-May-2013) plans for its wholly-owned subsidiary Hainan Airlines (Hong Kong) Co’s wholly-owned subsidiary Hainan Airlines Investment Holding Co to inject HKD776 million (USD100 million) cash capital into HKA Group Holdings Co, parent of Hong Kong Airlines and Hong Kong Express. Hainan Airlines Investment Holding Co also purchased HNA Group International (Hong Kong) Co’s 257 million shares in HKA Group Holdings Co for HKD401 million (USD51.7 million). Following the capital injection, Hainan Airlines will directly and indirectly hold a 27.02% stake in HKA Group Holdings Co. The carrier said the capital injection is aimed at further expanding the business scope of HKA Group Holdings Co and its Hong Kong Airlines and Hong Kong Express subsidiaries to enhance their competitiveness. [more - original PR - Chinese]