Hainan Airlines Co has successfully raised 8 billion yuan ($1.25 billion) through the private placement of 1.97 billion shares, according to statements from the airline Wednesday.

The company’s plan to issue these shares was first developed in July 2011, when it was looking for a way to reduce its financing expenses as it tried to improve its profitability.

A total of 10 investors took part in the private share sale. Grand China Airlines Holding Co and Hainan Airlines Group, two of Hainan Airlines Co’s major shareholders, also promised to buy more shares in the airline in April 2012.

 
 
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