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China Ea Scouring Pad Machine stern shareholders approve RMB

Postby xuzh51 » Mon Aug 22, 2011 2:42 am

China Ea Scouring Pad Machine stern shareholders approve RMB 7-bln share sale plan

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China Eastern shareholders approve RMB 7-bln share sale planPublished: 07 Sep 2009 17:23:29 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]Top 5 News From ChinaKnowledge.comStandard & Poor's downgrades Country Garden's ratingsCompal to set up 5th notebook plant in mainland China in Q4China Eastern shareholders approve RMB 7-bln share sale planNanjing to build LCD panel industry cluster in 5 yearsPetroChina completes Singapore Petroleum buyout<P]Sep. 8, 2009 (China Knowledge) - Shareholders of China Eastern Airlines&lt;600015&gt;&lt;670&gt;&lt;CEA&gt; approved on Monday a plan to raise RMB 7 billion by private placement of additional A shares and H shares, sources reported.</P]<P]Reportedly, the Shanghai-based carrier will sell up to 1.35 billion A shares to not more than 10 investors, and the share sale is expected to raise RMB 6. 41 billion. China Eastern's parent group has agreed to subscribe up to 490 million A shares at the price of RMB 4.75 apiece.</P]<P]China Eastern will also sell up to 490 million Hong Kong-listed H shares to its wholly owned subsidiary China Eastern International at a minimum price of HK$1.4. </P]<P]The share sale, which is still subject to regulatory approval, will lower China Eastern's asset/liability ratio to 94.7%, based on the company's financial statistics ended Jun. 30, said Chairman Liu Shaoyong.</P]<P]Earlier this year, the central government injected RMB 7 billion into the Chinese carrier after it posted RMB 13.93 billion in net loss at the end of last year.</P]
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