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China Eastern Airlines plans private placement with parent co

Sep. 6, 2012 (China Knowledge) - China Eastern Airlines Co Ltd<600115><0670>, the country's third-largest carrier, has announced today that it is planning a private placement with its parent company China Eastern Air Holding Co to reduce its debt/asset ratio.

China Eastern Air Holding currently holds a 43% stake in China Eastern Airlines.

Both A shares and H shares of China Eastern Airlines have been suspended from trading from today and are expected to resume trading on Sep. 12.

The air carrier earlier reported a net profit attributable to shareholders of RMB 995 million for the first half of this year, 59.41% less than in the same period of last year, due to rising fuel costs. Operating revenue rose 10.8% YoY to RMB 42.31 billion in the period.

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