News Content
Shandong's Nanshan Group to buy 20pc of Virgin, HNA seeks 20pc
SHANDONG province's Nanshan Group will buy 20 per cent in Virgin Australia Holdings Ltd, the second Chinese conglomerate in less than a month to gain a foothold in the Australian carrier, reports Bloomberg.
Hainan province's HNA, which owns Hainan Airlines, will buy 13 per cent of Virgin Australia for A$159 million (US$118 million) and plans to raise that stake to about 20 per cent over time, the Australian carrier said May 31.
Nanshan will buy the shares from Air New Zealand Ltd at 33 Australian cents (24.5 cents) apiece, 18 per cent more than Virgin Australia's closing price yesterday.
The closely held group with investments that include Qingdao Airlines will join billionaire Chen Feng's HNA Group in taking a stake in Virgin Australia.
With Chinese airlines set to hold about a third of its shares, the Brisbane-based carrier will be in prime position to tap fast-growing visitor numbers from China.
Virgin Australia, which has been reviewing its capital requirements, also counts Singapore Airlines and Etihad Airways as major shareholders.
Virgin Australia said in a separate statement Friday that it looked forward to meeting with Nanshan in coming weeks and would consider an expected request for board representation.
In an alliance with HNA, Virgin Australia plans to start direct flights to and from China next year and fly some of those visitors on its network at home.
Last year, more than a million Chinese travellers visited Australia and by 2020, the number will climb to 1.5 million, according to Virgin Australia.
Nanshan Group, was founded at the beginning of reform and opening up, has developed into a large-scale village-enterprise integrated private joint-stock enterprise group ranking the forefront of the top 500 in China.
It is now a multi-industry led by aluminum, fabrics and garments, finance, aviation, real estate, education, tourism and health sciences.
Nanshan Aluminum has the unique most complete aluminum industrial chain, covering the upstream and downstream segments of the whole aluminum industry.
Hainan province's HNA, which owns Hainan Airlines, will buy 13 per cent of Virgin Australia for A$159 million (US$118 million) and plans to raise that stake to about 20 per cent over time, the Australian carrier said May 31.
Nanshan will buy the shares from Air New Zealand Ltd at 33 Australian cents (24.5 cents) apiece, 18 per cent more than Virgin Australia's closing price yesterday.
The closely held group with investments that include Qingdao Airlines will join billionaire Chen Feng's HNA Group in taking a stake in Virgin Australia.
With Chinese airlines set to hold about a third of its shares, the Brisbane-based carrier will be in prime position to tap fast-growing visitor numbers from China.
Virgin Australia, which has been reviewing its capital requirements, also counts Singapore Airlines and Etihad Airways as major shareholders.
Virgin Australia said in a separate statement Friday that it looked forward to meeting with Nanshan in coming weeks and would consider an expected request for board representation.
In an alliance with HNA, Virgin Australia plans to start direct flights to and from China next year and fly some of those visitors on its network at home.
Last year, more than a million Chinese travellers visited Australia and by 2020, the number will climb to 1.5 million, according to Virgin Australia.
Nanshan Group, was founded at the beginning of reform and opening up, has developed into a large-scale village-enterprise integrated private joint-stock enterprise group ranking the forefront of the top 500 in China.
It is now a multi-industry led by aluminum, fabrics and garments, finance, aviation, real estate, education, tourism and health sciences.
Nanshan Aluminum has the unique most complete aluminum industrial chain, covering the upstream and downstream segments of the whole aluminum industry.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
