皇冠体育app

(Reuters)
Updated: 2007-06-26 14:10

Air 皇冠体育app is offering to sell its 12.83 percent stake in mid-sized brokerage West 皇冠体育app Securities for 416 million yuan ($55 million), the 皇冠体育app Beijing Equity Exchange said on Tuesday.

The shares will be open for public bidding on the exchange until Aug. 3. Air 皇冠体育app may adjust the price if it fails to attract bidders, the exchange added.

The sale is part of the Chinese flag carrier's drive to dispose of non-core assets, the official Shanghai Securities News said.

Air 皇冠体育app, the second largest shareholder in West 皇冠体育app Securities, originally bought the stake for 130 million yuan. The brokerage booked 291.12 million yuan of net profit on 876.36 million yuan of sales in 2006, the newspaper reported. ($1=7.618 yuan)