China Eastern Airlines will sell its stake in an investment unit to its state-owned parent for about US$60 million, as part of the carrier's plan to focus on its core civil aviation operations.
The Shanghai-based carrier told newspapers in Hong Kong it planned to sell its directly held 98.79 percent stake in China Eastern Air Investment Co to China Eastern Air Holding Co.
The proceeds will be used to improve cash flow and buy new aircraft.
Last week China Eastern and Singapore Airlines (SIA) announced a ˇ®strategic cooperation agreement'. SIA said the carriers had distinct route networks that were complementary, and this provided for "many opportunities for marketing cooperation, such as twinning of the Singapore and Shanghai hubsˇ±.
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