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BIZCHINA> Top Biz News
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China Eastern to get 7b yuan injection
By Tu Lei (chinadaily.com.cn)
Updated: 2008-12-30 10:33
In exchange for the capital, the airlines would issue 1.44 billion new Shanghai-listed A shares to its State-owned parent group at 3.87 yuan each, as well as 1.44 billion Hong Kong-listed H shares at 1.00 yuan each. Once receiving the injection, the debt-to-asset ratio of the company would decrease from 98.49 percent to 90.13 percent, said the airlines. China Eastern had a record 2.33 billion yuan loss in the third quarter of this year. It also reported a 1.83 billion yuan loss from fuel hedging as of Oct 31 after the price of jet fuel plunged 58 percent from a record within four months. The airlines'H shares resumed trading on Dec 30. Air China, the nation's flag carrier, is likely to receive a 9.5 billion yuan capital infusion from the government, Guangzhou Daily cited an unnamed source as saying. Guangzhou-based China Southern Airlines has already got a 3 billion yuan government cash injection. (For more biz stories, please visit Industries)
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