Air China, the country's flag carrier, yesterday unveiled a takeover of Shenzhen Airlines in a move that amounted to a renationalisation of the beleaguered private airline, whose owner and senior executives are under investigation for unspecified economic crimes.
Air China said it would inject Rmb682m ($100m) into Shenzhen Airlines to double its current stake to 51 per cent, while an investment arm of the Shenzhen city government would also invest Rmb348m to raise its share in the airline from 10 per cent to 25 per cent.
Analysts said they expected Air China to raise its stake further following bankruptcy proceedings involving Huirun, the private company holding a 65 per cent stake in Shenzhen Airlines.
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