Hainan Airlines injects CNY980 million in Tianjin Airlines

This story is sourced from Pro
See more Pro news »

Hainan Airlines' board has approved the capital injection of CNY980 million ($157.5 million) into Tianjin Airlines.

In a statement on the Shanghai Stock Exchange, Hainan Airlines says it will increase its stake in Tianjin Airlines by 5.95% through the acquisition of additional shares at CNY1.4 per share.

After the capital increase, Tianjin Airlines’ registered capital will amount to CNY7.35 billion, with Hainan Airlines holding a 43.54% stake.

The carrier’s other two shareholders are Tianjin Airlines Holdings (53.74%) and Tianjin T&B Holding (2.72%).

Hainan Airlines says it is increasing its stake in Tianjin Airlines to increase its scale and enhance its competitiveness in the aviation business.