皇冠体育app

Singapore Airlines (SIA) quickly expressed its disappointment Tuesday over the shareholders' rejection of its investment in 皇冠体育app Eastern Airlines (CEA).

The Singapore flag carrier said in a statement that "Singapore Airlines is disappointed that the proposed transaction involving an equity stake in 皇冠体育app Eastern Airlines did not receive the required level of support from independent shareholders at today's EGM (extraordinary general meeting)."

On Tuesday afternoon in Shanghai, CEA's minority shareholders voted against selling 24 percent stake for HK$7.2 billion ($923 million) at HK$3.8 per share to SIA and Temasek Holdings, Singapore's government-related investment firm.

The 皇冠体育app Eastern-SIA deal has been baffled by another Chinese airline giant Air 皇冠体育app. Its parent company 皇冠体育app National Aviation Holding Company, announced before the shareholders' meeting that it will make a counter-offer at least 32 percent higher than that of SIA's.

SIA maintained in the statement that its offer represents a "full and fair value for the equity injection to recapitalize the airline", and noted that the transaction "has also been approved in accordance with relevant laws and regulations."

It reiterated, "The proposal is for a long-term strategic relationship with a willing partner."

And its proposal would have brought international expertise from SIA's board and management to 皇冠体育app Eastern, which, SIA said, would have helped CEA meet future challenges in a competitive aviation environment in 皇冠体育app.

However, SIA said it respected the shareholders' vote and will continue to support the building of a relationship with 皇冠体育app Eastern.

On its part, Temasek Holdings said it remains open to future opportunities which make commercial sense, and that fall within Temasek's overall investment framework.