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Hainan Meilan Airport announces share agreements with HNA Group and Kingward

13-May-2010 9:06 AM

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]