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China Eastern to get 7b yuan injection

By Tu Lei (chinadaily.com.cn)
Updated: 2008-12-30 10:33

Related readings:  China Eastern to get 7 bln yuan capital injection  China Eastern may apply for 10b yuan injection  H-shares of China Eastern, Southern surge 40 pct  China Eastern-Shanghai Air deal nodded

China Eastern Airlines, the nation's third-largest carrier, said on Monday it would receive a government capital injection of 7 billion yuan ($1.02 billion), up from the 3 billion yuan announced earlier this month.

In exchange for the capital, the airlines would issue 1.44 billion new Shanghai-listed A shares to its State-owned parent group at 3.87 yuan each, as well as 1.44 billion Hong Kong-listed H shares at 1.00 yuan each.

Once receiving the injection, the debt-to-asset ratio of the company would decrease from 98.49 percent to 90.13 percent, said the airlines.

China Eastern had a record 2.33 billion yuan loss in the third quarter of this year. It also reported a 1.83 billion yuan loss from fuel hedging as of Oct 31 after the price of jet fuel plunged 58 percent from a record within four months.

The airlines'H shares resumed trading on Dec 30.

Air China, the nation's flag carrier, is likely to receive a 9.5 billion yuan capital infusion from the government, Guangzhou Daily cited an unnamed source as saying.

Guangzhou-based China Southern Airlines has already got a 3 billion yuan government cash injection.