Hainan Airlines to raise USD1bn to fund restructure

Hainan Airlines announced (Jun-2018) plans to sell up to 20% of its Shanghai listed shares to 10 investors to raise up to CNY7 billion (USD1.1 billion), with proceeds from the sale to be used to fund aircraft purchases, aviation training, maintenance and airport business. The carrier also plans to purchase stakes in aviation training, maintenance business and airlines, valued at CNY10.5 billion (USD1.6 billion), from HNA Group and its subsidiaries as it looks to continue to consolidate its aviation asset. The acquisition will enable the airline to expand the routes, strengthen development in aviation maintenance, flight training and other services. Following the restructure, its controlling shareholder will change from Grand China Air to HNA Group and parties acting in concert. [more - original PR - Chinese]