Deal inked on sale of China Eastern stake

时间：2007-09-03 03:13:23

（单词翻译:单击）


China Eastern Airlines and Singapore Airlines crew members pose during the signing ceremony in Shanghai on Sept. 2, 2007.
 
BEIJING, Sept. 3 - China Eastern Airlines (CEA), one of the country's leading carrier, announced on Sunday it will sell a 26-percent stake to Singapore Airlines Limited ("SIA").

 

The two on Sunday signed a "Heads of Agreement" (''HOA'') with China Eastern Air Holding Company and Lentor Investments Pte. Ltd., a wholly owned subsidiary of the Sigaporean-government-controlled investment holding company -- Temasek Holdings (Private) Limited.

 

The document sets out the framework for a cooperative partnership1 in conjunction with a proposed strategic investment in CEA by SIA and Temasek, which owns 54.8 percent of SIA.

 

The HOA identifies several elements, including the financial investment, management participation2, commercial partnership and cooperation.

 

Details of terms identified in the HOA are subject to definitive3 and legally binding4 agreements to be discussed between, and entered into by, the parties, and are also subject to approvals by relevant regulatory authorities and shareholders5 of CEA.

 

Under the HOA, it is proposed that SIA will subscribe6 for new H-shares of CEA at a subscription7 price of 3.80 HK dollars per H-share.

 

SIA proposes to subscribe for more than 1.2 billion new H-shares for approximately 4.7 billion HK dollars, which is less than five percent of SIA's market capitalisation on Aug, 3, 2007. The transaction will result in SIA's holding of a 15.7 percent stake in the CEA, which is listed in Shanghai, Hong Kong and New York.

 

Temasek, through Lentor, proposes to subscribe for more than 649 million new H-shares for approximately 2.5 billion HK dollars. The subscription will allow Lentor to hold a 8.3 percent stake in the recapitalised CEA.

 

CEA Holding will also subscribe for around 1.1 billion new H-shares for approximately 4.2 billion HK dollars. And the subscription will result in CEA Holding having a 51-percent stake in the recapitalised CEA.

 

Commensurate with its stake in CEA, SIA will be entitled to nominate two representatives to the Board of Directors of CEA. A Board Finance Committee will be established, which will include representation from SIA.

 

CEA will send executives to SIA for attachments8 and training programs. SIA will also send management executives to key positions in CEA. These proposed management exchanges will enable both organizations to share proven practices and establish closer cooperation.

 

SIA and CEA have international route networks that complement9 each other, with little overlap10. CEA also has a big domestic network in China, with hubs in Shanghai, Wuhan, Kunming and Xi'an.

 

Both airlines will pursue opportunities for cooperation such as co-ordination of flight schedules and joint11 marketing12 activities.

 

In the spirit of this commercial partnership, CEA and CEA Holding will not issue new shares nor sell any existing shares to SIA's competitors, and SIA will not invest in other China-based airlines, except for Great Wall Airlines, in which it has an existing interest.

 

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点击收听单词发音收听单词发音  

1 partnership NmfzPy     
n.合作关系，伙伴关系
参考例句：
  • The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
  • Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。
2 participation KS9zu     
n.参与，参加，分享
参考例句：
  • Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
  • The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。
3 definitive YxSxF     
adj.确切的，权威性的；最后的，决定性的
参考例句：
  • This book is the definitive guide to world cuisine.这本书是世界美食的权威指南。
  • No one has come up with a definitive answer as to why this should be so.至于为什么该这样，还没有人给出明确的答复。
4 binding 2yEzWb     
有约束力的，有效的，应遵守的
参考例句：
  • The contract was not signed and has no binding force. 合同没有签署因而没有约束力。
  • Both sides have agreed that the arbitration will be binding. 双方都赞同仲裁具有约束力。
5 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句：
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
6 subscribe 6Hozu     
vi.(to)订阅，订购；同意；vt.捐助，赞助
参考例句：
  • I heartily subscribe to that sentiment.我十分赞同那个观点。
  • The magazine is trying to get more readers to subscribe.该杂志正大力发展新订户。
7 subscription qH8zt     
n.预订，预订费，亲笔签名，调配法，下标（处方）
参考例句：
  • We paid a subscription of 5 pounds yearly.我们按年度缴纳5英镑的订阅费。
  • Subscription selling bloomed splendidly.订阅销售量激增。
8 attachments da2fd5324f611f2b1d8b4fef9ae3179e     
n.（用电子邮件发送的）附件( attachment的名词复数 )；附着；连接；附属物
参考例句：
  • The vacuum cleaner has four different attachments. 吸尘器有四个不同的附件。
  • It's an electric drill with a range of different attachments. 这是一个带有各种配件的电钻。
9 complement ZbTyZ     
n.补足物，船上的定员；补语；vt.补充，补足
参考例句：
  • The two suggestions complement each other.这两条建议相互补充。
  • They oppose each other also complement each other.它们相辅相成。
10 overlap tKixw     
v.重叠，与…交叠；n.重叠
参考例句：
  • The overlap between the jacket and the trousers is not good.夹克和裤子重叠的部分不好看。
  • Tiles overlap each other.屋瓦相互叠盖。
11 joint m3lx4     
adj.联合的，共同的；n.关节，接合处；v.连接，贴合
参考例句：
  • I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
  • We wrote a letter in joint names.我们联名写了封信。
12 marketing Boez7e     
n.行销，在市场的买卖，买东西
参考例句：
  • They are developing marketing network.他们正在发展销售网络。
  • He often goes marketing.他经常去市场做生意。

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