China Southern Airlines (CZ, Guangzhou) says it has acquired a 4% stake in Xiamen Airlines (MF, Xiamen) from Xiamen Jianfa Group Co., a wholly-owned subsidiary of Xiamen SASAC, thus bringing its total shareholding in the airline to 55%. Prior to the transaction, valued at CNY586 million (USD94.38 million), Xiamen Jianfa had held a 34% stake in Xiamen Airlines.
China Southern said in a stock market filing that the added equity in Xiamen Airlines would allow the latter to "maintain a stable shareholding structure" while improving its overall operating results.
Xiamen Airlines's other shareholders include Fujian I&D Group with 11%.
