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Air China seeks US$1.93 billion in private placement to buy 15 big jets
AIR China plans to raise up to CNY12 billion (US$1.93 billion) in a private placement of A-shares to help fund the purchase of 15 Boeing planes and upgrade its direct sales service, Reuters reports.
The B787 Dreamliners, worth CNY24 billion, will fly routes to North America and Europe, Air China said in a stock exchange filing. Delivery of the jets is scheduled to begin from 2016.
Chinese airlines are speeding up their expansion at home and abroad amid rising business travel and a surge in outbound tourism fuelled by an increasingly wealthy middle class in coastal and inland cities.
In April, Hainan Airlines announced a CNY24 billion private placement deal and nearly half of fund raised would be used to buy 37 aircraft.
That was followed by similar initiative by China Eastern Airlinesˇ to fund the purchase of 28 planes.
The B787 Dreamliners, worth CNY24 billion, will fly routes to North America and Europe, Air China said in a stock exchange filing. Delivery of the jets is scheduled to begin from 2016.
Chinese airlines are speeding up their expansion at home and abroad amid rising business travel and a surge in outbound tourism fuelled by an increasingly wealthy middle class in coastal and inland cities.
In April, Hainan Airlines announced a CNY24 billion private placement deal and nearly half of fund raised would be used to buy 37 aircraft.
That was followed by similar initiative by China Eastern Airlinesˇ to fund the purchase of 28 planes.
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