China Eastern raises CNY2.3bn in share issue

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China Eastern Airlines has completed a non-public share issue of 699 million A shares.

The SkyTeam carrier issued 242 million shares to China Eastern Air Holding and 457 million shares to CES Finance Holding. These shares were issued at CNY3.28 ($0.53) per share, resulting in proceeds amounting to CNY2.29 billion, the carrier said in a statement on the Hong Kong Exchange.

The new shares are subject to a lock-up period of 36 months.

China Eastern had earlier said that the funds will go towards repaying loans and to supplement its working capital.