China Eastern Airlines launched a Yunnan subsidiary this week based on a framework agreement the Shanghai-based carrier signed with the Yunnan local government in May 2009. In a statement released via the Shanghai Stock Exchange, CEA said its initial investment will be CNY2.38 billion ($35 million) to hold a 65% stake in the new entity. The Yunnan local government holds the remaining 35% (ATW Daily News, June 2, 2009). The deal still needs approval from CEA’s minority stakeholders. ...
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