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China Southern Sells Guangzhou Aviation Hotel
August 16, 2007 |
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| Category: Industry News
China Southern Airlines Company Limited has signed an agreement with its parent company China Southern Airline Group to acquire a range of assets from the latter and at the same time sell 90% of the stake it holds in Guangzhou Aviation Hotel for RMB74.723 million.
According to the agreement, CSACL will acquire the full stake of China Southern Airline Group's aviation food company, the property of the latter's training center, relevant office equipment, the real estate and office facilities of Nanlong Lv Yun and 51% of the stake Nanlong Lvyun's stake at Nanlong Freight. The whole transaction will involve a total of RMB269 million.
China Southern currently holds about 50.3% of the stake of CSACL. CSACL estimates it will receive an expected revenue of about RMB1.943 million, excluding expenditures, by selling the Guangzhou hotel. CSACL says it will spend the net income from the transaction on the airline company's normal operations.
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