Hainan Airlines replaces Zhouji as largest shareholder of Xinjiang Huitong
Hainan Airlines Group, the parent company of Hainan Airlines (600221), will replace Zhouji Group as the largest shareholder of Xinjiang Huitong (Group) (000415), according to Xinjiang Huitong (Group)'s restructuring plan, reports Oriental Morning Post, citing a company filing.
According to the restructuring plan, Xinjiang Huitong (Group) will swap all its assets and liabilities for an equity stake of an equivalent value in Tianjin Bohai Leasing, a company whose majority shareholder is Hainan Airlines Group which holds a stake of more than 90 percent.
Xinjiang Huitong (Group) will acquire the remaining stake in Tianjin Bohai Leasing through the issue of up to 700 million shares at nine yuan per share to the existing shareholders of Tianjin Bohai Leasing.
Hainan Airlines Group will subscribe to about 630 million shares or more than 90 percent of the shares to be issued.
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