Apr. 20, 2012 (China Knowledge) - Air China Ltd<601111
>, the largest carrier in the country by market value, last night announced that its parent company China National Aviation Corp is injecting RMB 1.05 billion or US$166.6 million into the company.
Last August, Shanghai
and Hong Kong-listed
Air China said it would receive RMB 1 billion from CNAC to fund its stake in Cathay Pacific Airways Ltd<0293
>, Hong Kong
's largest air carrier.
Air China currently holds a 29.99% stake in Cathay Pacific Airways.
In addition, the Chinese airline last night announced plans to raise funds via a private placement without disclosing details.
Shares of Air China suspended today and have fallen 10.8% so far this year in Hong Kong
, sources reported.
The carrier targets 72.77 million passenger throughputs for 2012, and its cargo and mail turnover is expected to reach 6.03 billion ton-kilometers this year.