Hainan Airlines , partly owned by U.S. financier George Soros, aims to raise up to 8 billion yuan ($1.2 billion) via a private placement, the company said on Tuesday.
Hainan Airlines will sell up to 1.247 billion shares at not lower than 6.42 yuan apiece in the placement, it said in a statement to the Shanghai Stock Exchange.
Proceeds from the sale will be used to repay outstanding bank loans of about 6 billion yuan, it said.
Hainan Airlines' Shanghai-listed shares had been suspended from trading since Monday, pending the share placement announcement.
The placement could pave the way for a possible listing of the rest of the other aviation assets of the Chinese airline's parent, industry analysts said.
SOURCE: reuters.com


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