03:33 AM EDT, 03/24/2023 (MT Newswires) -- Air China (HKG:0753, SHA:601111) completed the acquisition of a majority stake in bankruptcy-riddled Shandong Aviation Group for about 33 million yuan.
The airline acquired the majority stake after buying the 1.4067% stake held by Shansteel Financial Holdings and the 0.9043% stake held by Qingdao Qifa in Shandong Aviation, a Tuesday filing said.
Air China will also pour an additional 6.6 billion yuan in capital into Shandong Aviation to increase its stake further to 66% from 49.4067%, while Shandong Hi-Speed will add 3.4 billion yuan in capital and will own the remaining stock.
Air China's stake in Shandong Aviation gives it a stake of over 30% in Shandong Airlines (SHE:200152), according to a Yicai Global report.
Shares in Air China fell about 1% in Hong Kong and Shanghai, while Shandong Airlines' shares dropped 5% at the close of trading in Shenzhen.
Price (HKD): $6.89, Change: $-0.12, Percent Change: -1.71%
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