China Eastern To Sell 35 Percent Of Joy Air
February 26, 2009
China Eastern Airlines has agreed to sell a 35 percent stake in regional carrier Joy Air to state-owned aircraft maker AVIC, China Eastern Chairman Liu Shaoyong said on Thursday.
Aviation Industry Corporation of China (AVIC), owns a majority of Joy Air, which is capitalized at CNY1 billion yuan (USD$146.3 million), while China Eastern holds a 40 percent stake.
Company sources had said China Eastern, one of the country's three biggest airlines, wanted to sell a roughly 30 percent stake in the regional carrier to bolster its strapped finances.
Liu was talking to reporters after a shareholders meeting.
