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Hafei Aviation to buy RMB 3.25-bln assets from shareholder

May. 28, 2012 (China Knowledge) - Hafei Aviation Industry Co Ltd<600038>, which is primarily engaged in the development, manufacture and sale of helicopters, airplanes and related parts, announced yesterday that it plans to take over RMB 3.25 billion of assets from its actual controller Aviation Industry Corp of China or AVIC.

The company said in a statement that the deal would enable AVIC to inject all its helicopter businesses into the Shanghai-listed firm.

Hafei Aviation expected that it would pay the transaction by issuing 190 million shares at RMB 17.13 apiece.

The company also said that it plans to raise RMB 1.08 billion through a private placement to not more than ten investors.

Shares of Hafei Aviation gained 9.98% to stand at RMB 19.28 in the morning session today.

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