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Hainan Airlines raises price in RMB 8-bln private placement

Jan. 30, 2012 (China Knowledge) - Hainan Airlines Co<600221><900945>, China's fourth-largest air carrier by fleet size, has announced plans to hike issuing price from RMB 4.19 apiece to RMB 6.42 apiece in a private placement to raise not more than RMB 8 billion.

In a statement, the Shanghai-listed carrier said it will issue up to 1.91 billion shares, instead of previously estimated 1.25 billion shares, to ten selected investors in the offering.

Around RMB 6.08 billion of the proceeds from the issuance will be used to repay bank loans, and the remainder is to replenish working capital.

As of September 30, 2011, Hainan Airlines had RMB 76.91 billion in total assets and RMB 62.53 billion in total liabilities. The carrier's debt/asset ratio was 81.3% and is expected to reduce to 66.48% after the private placement, said the analysts.

According to statistics, the combined profits in China's civil aviation industry reached RMB 43.7 billion in 2010, reflecting a jump of 258% from RMB 12.2 billion in 2009.

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