China Southern Airlines announced on the 13th of October that the company has approved its wholly-owned subsidiary Xiamen Airline’s acquisition of 99.23% of Hebei Airlines shares for 749 million RMB. China Southern Airline also authorized Xiamen Airlines to continue necessary negotiations to acquire the remaining 0.77% of Hebei Airlines held by Shenyang Zhongrui Investment Co.,Ltd.
Additionally, China Southern Airlines has authorized Xiamen Airlines to increase Hebei Airline’s capital in stages to a total of 800 million RMB and also to make a series of short term loans for a total sum of one billion RMB to Hebei Airlines.
Xiamen Airlines celebrated its 30th anniversary on July 25th with 27 consecutive years of profit. It has total assets worth over 35 billion RMB and net assets worth 13 billion RMB including a fleet of 106 planes. (Translation by David)
