Double helping of Shenzhen Airlines

PUBLISHED : Monday, 09 May, 2011, 12:00am
UPDATED : Monday, 09 May, 2011, 12:00am

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Logistics firm Shenzhen International Holdings said it is to pay 788.63 million yuan for an additional 24 per cent of Shenzhen Airlines, giving it a 49 per cent stake. State-backed Shenzhen International will buy the stake from the liquidators of Shenzhen Huirun Investment, a holding company that was declared bankrupt in January. Shenzhen Airlines swung to a profit of 746.9 million yuan last year compared with a loss in 2009. The airline plans to increase its fleet of passenger and cargo planes from about 100 to more than 180 by 2015. Air China has a 51 per cent majority control.