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| Shanghai Airlines seeks loans from CDB for aircraft purchase |
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| 2008-02-24 | |
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Feb. 18, 2008 (China Knowledge) - Shanghai Airlines Co.<600591> has announced today that the company has gained approval from the board to acquire loans from China Development Bank, a state-owned policy bank, to buy 22 airplanes from foreign airplane makers, source reported. According to its statement filed to Shanghai Stock Exchange, Shanghai Airlines will apply for about US$400 million loans as part of the advance payments for the company to fetch in 22 airplanes from 2008 to 2010. The credit term is up to three years. The Shanghai-based airlines announced in December 2007 that it is in consideration of ordering A330 aircrafts from Airbus. Shanghai Airlines Co., established in 1985, is China's first commercial airline of multidimensional investment. With a fleet of 59 aircrafts, the air carrier runs domestic and international networks from Shanghai to over 140 domestic and international destinations. The company was listed on Shanghai Stock Exchange in 2002 and has joined the Star Alliance in 2007. |
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