cslusarc
Posts: 553
Joined: Wed May 04, 2005 2:29 pm

SQ & Parent To Buy 24% Of MU

Tue Sep 04, 2007 9:40 am

China Eastern Sells Stake to Singapore Airlines

Deal is announced finally. Trading of shares was haulted in mid-May.

MU's ADRs for its H Shares begin trading on the NYSE on Tuesday.
--cslusarc from YWG
 
cslusarc
Posts: 553
Joined: Wed May 04, 2005 2:29 pm

RE: SQ & Parent To Buy 24% Of MU

Tue Sep 04, 2007 9:48 am

more...

deal valued at US$ 923 or HK$ 7.2 billion. note the lack of use of Mainland Chinese currency in the deal.

"China Eastern will sell a total of 2.98 billion new Class H shares for HK$11.3 billion in a private placement, according to the report. Class H shares are listed on the Hong Kong Stock Exchange by mainland Chinese companies.

Singapore Airlines will pay HK$4.7 billion for 1.24 billion of those shares, while Temasek will shell out HK$2.5 billion for 649 million of them, the report said. The remaining 1.1 billion shares will be purchased by China Eastern's parent, China Eastern Air Holding, for HK$4.2 billion."

"After the deal, Singapore Air will hold 15.8%, Temasek 8.3%, and China Eastern's parent 51% of China Eastern, the WSJ said."
--cslusarc from YWG

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