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13-May-2010 9:06 AM

Hainan Meilan Airport announces share agreements with HNA Group and Kingward

China's Hainan Meilan International Airport announced the company entered into the conditional share transfer agreements with HNA Group and Kingward for the acquisition of 54.5% equity interests in HNA Airport. The agreement was signed on 25-Mar-2010. The company will acquire, at a total consideration of CNY2.2billion (USD322 million), CNY1.2 billion (USD177 million) for HNA Group Sale Shares and CNY989 million (USD145 million) for Kingward Sale Shares. The company shall pay 50% of the consideration as non-refundable prepayment to Kingward before 15-Jun-2010 and the remaining balance before 20-Dec-2010. 15% of the consideration will be paid to HNA Group within 10 days after the agreement becomes effective and with the remaining 85% to be paid within 30 days after the completion of the share transfer. [more]