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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (3199)5/17/2004 12:46:39 AM
From: RealMuLan  Read Replies (1) of 6370
 
Air China plans to sell shares to foreign investors

BEIJING (AP) - Flagship carrier Air China is on schedule with plans to sell shares to foreign investors later this year, a government newspaper reported Sunday citing an airline official.

"The company is to be listed in Hong Kong at around the end of this year, but no further details I can provide at the moment,'' Wang Jie, Air China's Shanghai branch general manager, was quoted as saying by the China Daily on its Web site.

State newspapers reported in March that Air China had chosen Merrill Lynch and China International Capital Corp. as advisers for an initial public offering that will seek to raise US$500 million.

China International Capital Corp. is a joint venture between U.S. investment bank Morgan Stanley and China Construction Bank.

The airline operates many of China's international flights - including nonstop from Beijing to New York.

Its profit for the first four months of this year was US$750 million yuan (US$90 million), Sunday's China Daily report said, citing Wang.

The newspaper said the airline "is likely to gain a full-year profit well above its previous target of 1 billion yuan (US$120 million) for the year due to soaring air travel.''

Its business suffered last year when China's outbreak of severe acute respiratory syndrome discouraged air travelers.

Last year, the airline reported a net gain of 93 million yuan (US$11.2 million), the China Daily said. - AP
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