China Southern Airlines has released details of its plan to sell its 50% stake in MTU Zhuhai.
The Guangzhou-based carrier says it plans to sell its 50% stake in the Zhuhai engine maintenance, repair and overhaul firm for 1.61 billion yuan ($236 million).
It says it will be selling the stake to its parent China Southern Airlines Holdings.
The airline's shareholders will be able to discuss the issue at the upcoming extraordinary general meeting on 27 November, it adds.
The sale price was based on a valuation by independent valuer China United Assets Appraisal, it says, adding that in the six months ending 30 June MTU Zhuhai made a profit after-tax of 202 million yuan from revenue of 1.44 billion yuan.
In recent times China Southern has been selling assets, including aircraft, to improve its balance sheet.
Source: Air Transport Intelligence news
