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The Chinese air carrier is set to place all the new shares to Hainan Development Holdings Co., Ltd. and HNA Group. Excluding issuing expenses, CNY 2.047 billion of the share sales is expected to be used for repayment of banking loans, and the other for working capital supplement.
Presently, Hainan Airlines is awaiting approval from its shareholders' meeting and the China Banking Regulatory Commission for the deal, which can decrease the company's leverage ratio from 82.8% to 76.11%.
Controlled by the government of Hainan Province, south China, Hainan Development Holdings is the biggest shareholder of Hainan Airlines' direct controller Grand China Air Co., Ltd. Meanwhile, HNA Group also owns 24.08% of Grand China Air, citing a report.
If the transaction finally came into being, Hainan Airlines would become the fourth Chinese airways wining an investment from local government since last year.
Source: dycj.ynet.com (May 26, 2009)
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