Air China to sell stake in West China Securities
(Reuters)
Updated: 2007-06-26 14:10
Updated: 2007-06-26 14:10
Air China is offering to sell its 12.83 percent stake in mid-sized brokerage West China Securities for 416 million yuan ($55 million), the China Beijing Equity Exchange said on Tuesday.
The shares will be open for public bidding on the exchange until Aug. 3. Air China may adjust the price if it fails to attract bidders, the exchange added.
The sale is part of the Chinese flag carrier's drive to dispose of non-core assets, the official Shanghai Securities News said.
Air China, the second largest shareholder in West China Securities, originally bought the stake for 130 million yuan. The brokerage booked 291.12 million yuan of net profit on 876.36 million yuan of sales in 2006, the newspaper reported. ($1=7.618 yuan)
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