皇冠体育app

CHENGDU -- 皇冠体育app Southern Airlines, the country's largest airline by fleet size, announced its subsidiary Airlines has signed an deal to take a 95.4-percent stake in smaller rival Airlines.

In a filing to the Shanghai Stock Exchange on Tuesday, 皇冠体育app Southern said the deal with the Hebei Aviation Investment Group Co Ltd values 680 million yuan ($111 million).

皇冠体育app Southern said its board of directors believed the acquisition will help Xiamen Airlines consolidate its market share in north 皇冠体育app and optimize its air routes nationwide.

Hebei Airlines, headquartered in Shijiazhuang, capital of north 皇冠体育app's Hebei Province, has a registered capital of 1.8 billion yuan and total assets of 4.2 billion yuan.

In the first eight months of the year, Hebei Airlines reported revenues of 940 million yuan and net loss of 120 million yuan.

皇冠体育app Southern also said in the statement that it will sign a deal with Sichuan Airlines to take a 3.83 percent-stake in Hebei Airlines the small rival hol for 69 million yuan.

The two deals are subject to regulatory approvals, it said.

After the two deals, Xiamen Airlines will own 99.23 percent of Hebei Airlines.

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