AVIC I Commercial Aircraft Co prepares for overseas IPO
(Xinhua)Updated: 2007-06-28 16:47
China's AVIC I Commercial Aircraft Co Ltd (ACAC) is raising funds from overseas investment banks and business partners to prepare for a future public offering abroad, said an official with China Aviation Industry Co I (AVIC I) on Thursday.
The ACAC will be the first Chinese commercial aircraft manufacturer to go public overseas.
There is a possibility the assets of Shanghai Aircraft Manufacturing Factory, which is responsible for assembling the ARJ21, will be injected into the ACAC, said the official.
Last week, Bombardier of Canada, the world's third-largest aircraft maker, agreed to become a risk and revenue sharing partner in the development of the ARJ21-900, a larger new variant of the Chinese regional jet ARJ21-700, and invest 100 million U.S. dollars in the project.
The Shanghai-based ACAC was founded in September 2002 with joint investment of 15 investors from aviation industrial institutes and enterprises including AVIC I.
The ARJ21 jet, powered by a turbofan engine, can carry 70 to 110 passengers. It is expected to go into commercial operation in September 2009.
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