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December 17, 2007 |
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CHINA EASTERN: Singapore Air Deal Almost Done, Chairman Says China Eastern Airlines Chairman Li Fenghua told reporters at a news conference that his company's "long-awaited strategic cooperation" with Singapore Airlines is almost a done deal, China Daily reports. Mr. Li said it was next to impossible that the deal would be blocked by Air China's parent company, a shareholder in China Eastern, according to China Daily. The agreement is up for approval at the extraordinary general meeting on January 8. According to China Daily, Air China was rumored to block the deal after its parent, Cathay Pacific, spent HK$32 million to increase its stake in China Eastern a couple of weeks ago. Cathay tried but failed to acquire China Eastern earlier in September. China Daily notes that the strategic deal between China Eastern, Singapore Airlines and the Singapore state investment agency Temasek has been in the making for more than two years. Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com -- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. The outlook on the IDRs is stable. Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. |
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