C. Southern plans $315m placement to cut debt
GUANGZHOU, June 13 (GCTL) - China Southern Airlines, China's largest airline by fleet size, plans to conduct a private placement to boost capital and reduce its debt as global economic weakness weighs on airlines' fortunes, reported Dow Jones Newswires.
In statements to the Shanghai and Hong Kong stock exchanges, China Southern said it aims to raise up to US$315 million through a private A-share placement to its controlling shareholder, China Southern Air Holding Co.
The non-public offering of around 465 million new A shares at a subscription price of 4.30 yuan each will be issued after regulatory approval.
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