Aviation News
- No official intervention in Eastern Air voting
Date: 28-Dec-2007 Sources: (Shenzhen Daily)
CHINA National Aviation Holding Co. (CNAHC) said yesterday the country's State-owned assets regulator wouldn't intervene in the voting on China Eastern Airlines Corp.'s plan to sell a 24 percent stake to Singapore Airlines Ltd. and Temasek Holdings Pte. Ltd.
On the question of whether the State-owned Assets Supervision and Administration Commission has required CNAHC to take action to facilitate the China Eastern stake sale, an unnamed spokesman at CNAHC said in a statement that regulators were abiding by market rules and it would be impossible for them to intervene in 'small things like voting.'
'Relevant government agencies don't have any reason to, and they also shouldn't, ask all shareholders to totally agree with their opinion,'the question-and-answer statement said.
Holders of both China Eastern's Hong Kong and Shanghai-listed shares will vote simultaneously in Shanghai on Jan. 8 on the proposal to sell a stake to Singapore Airlines and Temasek.
CNAHC, the parent of Air China Ltd., said in early December it increased its stake in the Hong Kong-listed shares of China Eastern to 12.07 percent from 11.79 percent, raising the prospect that the company might seek to vote down the deal.
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