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China Eastern Airlines announces RMB 3.6 bln private placement

Sep. 12, 2012 (China Knowledge) - China Eastern Airlines Co Ltd<600115><0670>, the country's third-largest carrier, announced yesterday that it plans to raise about RMB 3.6 billion through a private placement.

The air carrier said in a statement that it intends to raise about RMB 2.3 billion by placing 698.87 million A shares at RMB 3.28 apiece to its parent company China Eastern Air Holding Co and a sister company. Proceeds from the deal will be used to repay bank loans.

In addition, China Eastern Airlines will issue 698.87 million H shares to another sister company at HK$2.32 per share to raise about HK$1.6 billion or RMB 1.3 billion.

After the private placement, China Eastern Air Holding will hold a 64.35% stake in China Eastern Airlines, up from the previous 59.94%.

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