China Eastern, Southern say plan share placement
SHANGHAI, Dec 11 (Reuters) - Two of China's three biggest airlines said on Thursday they would place shares to raise 3.0 billion yuan ($437 million) each, as part of the government's cash injection into major airlines to ease their operational difficulties.
China Eastern (600115.SS: Quote, Profile, Research, Stock Buzz) (0670.HK: Quote, Profile, Research, Stock Buzz)(CEA.N: Quote, Profile, Research, Stock Buzz) said it would issue both domestic A shares and Hong Kong's H shares to its parent to obtain the 3 billion yuan the government injected into its parent.
China Southern (600029.SS: Quote, Profile, Research, Stock Buzz) (1055.HK: Quote, Profile, Research, Stock Buzz) (ZNH.N: Quote, Profile, Research, Stock Buzz) said it would issue A shares to its parent to obtain 2.28 billion yuan. It would also issue H shares to the parent's overseas unit.