China Eastern Airlines Corp. Ltd. completed the acquisition of remaining 30.7% in Shanghai Eastern Logistics Co., Ltd. from China Ocean Shipping Company and China Cargo Airlines Ltd.
For the year ended December 31, 2011, Shanghai Eastern Logistics reported net assets of CNY 815.19 million, total assets of CNY 1.2 billion, net profit before tax and extraordinary items of CNY 320.49 million and net profit after tax and extraordinary items of CNY 236.89 million. The transaction is exempt from approval of independent shareholders of China Eastern Airlines. China Ocean Shipping (Group) Company shall transfer the stake on the date of execution of the agreement. The acquisition is not expected to have a material impact on China Eastern Airlines' normal operations and financial condition.
China Eastern Airlines Corp. Ltd. (SEHK:670) completed the acquisition of remaining 30.7% in Shanghai Eastern Logistics Co., Ltd. from China Ocean Shipping (Group) Company (COSCO) and China Cargo Airlines Ltd. in December 2012.