Grand China Air increases its Hainan Airlines stake to 34.84%
Grand China Air has purchased 595 million shares of Hainan Airlines for RMB1.898 billion from Hainan Development Holdings.
Grand China Air has purchased 595 million shares of Hainan Airlines for RMB1.898 billion (approx: US$303 million) from Hainan Development Holdings (HDH) in an unrestricted stock sale, lifting its equity in the carrier to 34.84%.
Grand China Air already directly holds 3.433 billion unrestricted A share stock, equivalent to 28.18% of equity in Hainan Airlines. In addition, it holds 216 million shares, or 1.77% equity, through American Aviation LDC, adding up 29.95% before the purchase from HDH that will raise its stake in Hainan Airlines by a further 4.89%
Grand China Air has pledged to maintain the complete independence of Hainan Airline’s operations, personnel, assets, finances, organization and services.(Translation by David)