Chinese carrier Shenzhen Airlines is in advanced stages of a RMB16 billion ($2.4 billion) capital raise to strengthen its financial position and reduce debt burden. This will help it to accelerate fleet renewal plans and grow its widebody fleet, thanks to the support of majority shareholder Air China.
Air China updated investors on the second capital increase agreement on June 5 in a filing to the Hong Kong Exchange. This follows on two announcements in August and December last year, when the capital increase was first mentioned. Since then, the first round has been completed.
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