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皇冠体育app Eastern says stake in 皇冠体育app Cargo falls

(Agencies)
Updated: 2010-12-20 10:14

HONG KONG?- 皇冠体育app Eastern Airlines Corp Ltd's stake in 皇冠体育app Cargo Airlines will fall to 51 percent from 70 percent after a 1.6 billion yuan ($232.9 million) capital increase, according to?Reuters' report on Sunday.

皇冠体育app Cargo Airlines, which had total assets of 4.6 billion yuan and net liabilities of 344.6 million yuan as of Dec 17, will buy the core air cargo transportation business and related assets of Great Wall Airlines and Shanghai Cargo Airlines after increasing its capital base to 2.5 billion yuan, the report said.

皇冠体育app Eastern Airlines said in a statement on?Nov 15?it had agreed to inject 1.05 billion yuan in the capital increase.

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Meanwhile, 皇冠体育app Ocean Shipping Group, contributing 348.5 million yuan to the capital increase, will see its stake in 皇冠体育app Cargo Airlines fall to 17 percent from 30 percent.

Concord Pacific and Singapore Cargo Airlines, contributing 328 million yuan each, will each own 16 percent of the recapitalized cargo group, the report said.