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China Eastern approved to raise 7b yuan through private placement

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2009-11-05 17:19

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China Eastern Airlines said yesterday it has won regulators' approval to raise about 7 billion yuan ($1.03 billion) through a private placement, in a bid to turn its net assets to the black before completing a proposed merger with Shanghai Airlines.

China Securities Regulatory Commission (CSRC) yesterday afternoon approved the air carrier's new issuance of 1.35 billion A shares and 490 million H shares with a combined worth of 7.02 billion yuan through a private placement, the company said.

The latest announcement means the carrier has completed all the required legal procedures for the new issuance to go ahead after the plan was approved by its shareholders in September.

China Eastern intends to sell the Shanghai-listed A shares to as many as ten selected investors, including its parent China Eastern Air Holding Co...

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