Top China ADR Portal

China ADR stock research

transport

Industry Watch

Progress of Absorption of Shanghai Airlines

Progress of Absorption of Shanghai Airlines

June 30, 2010 (Press Release - Chinavestor)

PROGRESS OF THE IMPLEMENTATION OF THE ABSORPTION OF SHANGHAI AIRLINES THROUGH SHARE EXCHANGE

This announcement is made by the Company pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The absorption of Shanghai Airlines Co., Ltd (“Shanghai Airlines”) by China Eastern Airlines Corporation Limited (HKG:0670) (NYSE:CEA) (the “Company”) through share exchange (the “Absorption through Share Exchange”) has been approved by China Securities Regulatory Commission (“CSRC”). As the implementation of the Absorption through Share Exchange has not been completed, pursuant to the requirements under Provision 31 of the Administrative Rules on Material Asset Reorganization of Listed Companies, the progress of the implementation of the Absorption through Share Exchange is set out as follows:

The procedures for the settlement of assets and arrangement of personnel in relation to the Absorption through Share Exchange is still in process. Upon completion of the settlement of assets, Shanghai Airlines will be cancelled. To avoid competition, the first meeting of the sixth session of the board of directors of the Company has resolved to approve the transfer of 70% equity interest in Shanghai Aviation Catering Co., Ltd. , 100% equity interest in Shanghai Aviation Import & Export Co., Ltd.  and 100% equity interest in Shanghai Aviation Advertising Service Co.,  held by Shanghai Airlines and its subsidiaries to China Eastern Air Catering Investment Co., Ltd., Eastern Aviation Import & Export Co., Ltd. and Eastern Aviation Advertising Service Co., Ltd. respectively. As at the date of this announcement, no agreement has been entered into by the Company. China Eastern Airlines (HKG:0670) (NYSE:CEA) will comply with the relevant disclosure requirements as and when appropriate. For details please refer to the announcement of the Company published on the website of Shanghai Stock Exchange on 28 June 2010.

China Eastern Airlines (NYSE:CA) will press on with the implementation of the Absorption through Share Exchange, perform the relevant procedures in accordance with relevant requirements and the reply from CSRC, and announce the progress of the implementation on a timely basis.

By order of the board of directors

CHINA EASTERN AIRLINES CORPORATION LIMITED

Luo Zhuping

Director and Company Secretary

The directors of the Company as at the date of this announcement are:

Liu Shaoyong (Chairman)

Li Jun (Vice Chairman)

Ma Xulun (Director, President)

Luo Chaogeng (Director)

Luo Zhuping (Director, Company Secretary)

Sandy Ke-Yaw Liu (Independent non-executive Director)

Wu Xiaogen (Independent non-executive Director)

Ji Weidong (Independent non-executive Director)

Shao Ruiqing (Independent non-executive Director)

 

 
Industry Watch

CTFO swings wild after 2010 Q1

CTFO swings wild after 2010 Q1  May 14, 2010 (Chinavestor) Excitement surrounding China Transinfo Technology Corp. (NASDAQ:CTFO) waned quickly as investors took a second look at the latest financials. While the company reporte...
Read more...
Industry Watch

China Eastern to benefit over $25 million from tax exempt rule

China Eastern to benefit over $25 million from tax exempt rule May 7, 2010 (Chinavestor) China Eastern Airlines (NYSE:CEA) (HKG:0670) (SHA:600115), the second largest Chinese carrier after the merger with Shanghai Airlines, estimates that net effects of the ta...
Read more...
Industry Watch

ZNH estimates business tax exempt status to bring RMB113 million

ZNH estimates business tax exempt status to bring RMB113 million May 7, 2010 (Chinavestor) China Southern Airlines (NYSE:ZNH) (HKG:1055) (SHA:600029), the largest Chinese airliner in terms of fleet size, estimates that net effects of the tax exemption rule for in...
Read more...
Industry Watch

CAAS 2010 Q1 beats expectations, forecasts flat

CAAS 2010 Q1 beats expectations, forecasts flat May 6, 2010 (Chinavestor) Shares of China Automotive Systems (NASDAQ:CAAS), an investor in Chinese car parts makers, jumped 7.40% or $1.43 to $20.75 on Thursday morning by 10:30 following better-t...
Read more...
Page 5 of 8

Online Courses

We train investors, people looking to become a trader, helping professionals wanting to be more effective in their work. See available courses.

advance_10
Register

Free weekly newsletter

Get hot China stock news every Monday