Air China gets top stake in CNAC

Air China gets top stake in CNAC

HONG KONG: China's flagship carrier Air China has been handed a controlling stake in Hong Kong-listed aviation services company China National Aviation Co Ltd (CNAC), the airline said on Monday.

The 69-percent slice of the company was transferred to the carrier as part of a deal to increase the attractiveness of Air China ahead of a planned international listing, reports said.

In exchange for the capital injection, CNAC's parent, CNAC Group, has been made a 22.5-percent shareholder in the airline, which is expected to be floated for around US$500 million to $600 million later this year, or early next year.

Air China is the principle airline in China, flying to 69 domestic and 34 international destinations. --AFP