China Eastern Airlines has completed the issuance of A shares at $0.65 per share, with each share having a nominal value of $0.15. In a filing with the Hong Kong Stock Exchange (HKEX), China Eastern Airlines Corporation Limited, said the share issuance was completed on January 12, 2023.
According to the filing, 3,416,856,492 ordinary A shares were issued raising a capital of $2.23bn. The airline plans to use the capital raised to buy 38 aircraft and supplement working capital.
Notes attached to the filing reveal CEA Holdings increased its shareholding in the airline by 1,138,952,165 A shares. With this purchase, CAE Holdings holds a 52.89% stake in China Eastern Airlines, comprising both A and H shares.
Jia Yuan Law Offices and Commerce & Finance Law Offices advised China Eastern Airlines in the private placement of shares. Partners Shi Zhenjian and Li Li led the Jia Yuan team.