China Eastern Airlines shareholders have okayed a plan to boost the company's working capital by 6.9 billion yuan ($1 billion) with share issues in Shanghai and Hong Kong.
The carrier will issue 1.35 billion mainland traded A-shares to 10 institutional investors, it says. The value of each share will be no less than CNY4.75 each.
The carrier will also sell up to 450 million H-shares, which are traded in Hong Kong. These will be sold to its unit China Eastern International at HK$1.40 a share.
China Eastern did not provide a date for the share sales.
China Eastern made a bid earlier in 2009 for Shanghai Airlines, with the Shanghai-based carriers expected to close the deal within the next year.
Source: Air Transport Intelligence news
