Gbb777 From Singapore, joined Aug 2006, 10 posts, RR: 0 Posted (7 years 4 months 5 days ago) and read 4244 times:
SINGAPORE: Singapore Airlines (SIA) and China Eastern Airlines suspended trading of their shares on Tuesday amid reports of a possible investment deal.
SIA did not state a reason for their suspension of trade at the Singapore Exchange but said it would make an announcement after the stock market closes at 5:00 pm (0900 GMT).
The stock last traded at 18.40 Singapore dollars (12.1 US).
Trading of China Eastern Airlines was also halted at the Hong Kong stock exchange, where the stock last traded at 3.73 Hong Kong dollars (48 US cents).
China Eastern said it requested the trading halt pending the release of a "price-sensitive" announcement.
SIA chief executive Chew Choon Seng said on May 11 the Singapore carrier was in discussions with China Eastern, but that the talks "have not progressed to a stage where we have any announcements to make".
The Shanghai Securities News reported from Beijing on Monday that talks were going on smoothly.
"So far, the talks with Singapore Airlines are smooth ... but the conclusion of an agreement will depend on the support of the government," the newspaper quoted China Eastern chairman Li Fenghua as saying.
Li said China Eastern plans to sell up to a 25 percent stake to a foreign strategic investor.
So big news to come? Wait till 5pm SIN
Drgmobile From Canada, joined Aug 2006, 644 posts, RR: 0
Reply 1, posted (7 years 4 months 4 days 15 hours ago) and read 3747 times:
Ten minutes ago China Eastern announced it was halting share trading as well. Something is afoot.
Trading of H Shares of China Eastern Airlines Corporation Limited in Hong Kong Is Suspended
China Eastern Airlines Corporation Limited, announces that, following a request made by the Company to the Stock Exchange of Hong Kong Limited, trading in its H shares has been suspended with effect from 9:47 a.m. on May 22, 2007 pending the release of an announcement of the Company, the nature of which is price-sensitive.
Trading in the Company's ADSs on the New York Stock Exchange will also be suspended with effect from 9:30 a.m. New York time on May 22, 2007.