Hainan Airlines (HU, Haikou) says its majority shareholder, Grand China Air Co., Ltd., has been given the go ahead from government to acquire up to 595 Million ordinary Hainan Airlines shares from the Hainan Development Holdings Co., Ltd.

Once the deal, which is valued at CNY1.99 billion (USD317.65 million), is concluded, the WCARN news portal says Grand China Air's stake in Hainan Airlines will have grown from the current 29.95% to 34.84%.

Grand China Air is itself owned by the Grand China Airlines Holding Company (GCAHC) - a joint-venture between the Hainan provincial government (48.6%), George Soros (18.6%), and Hainan Airlines parent, HNA Group (32.8%).