22nd Jan 2008
Singapore Airlines (SIA) said it and partner Temasek Holdings have not raised their offer for a combined 24 pct stake in China Eastern Airlines (CEA).
"Our proposal and interest in China Eastern is unchanged, as is our position that the price offered is a full and fair representation of the proposed transaction," SIA spokesman Stephen Forshaw said in an email reply to questions from XFN Asia.
SIA and Temasek have offered to acquire 2.985 bln new CEA H-shares at a price of 3.80 hkd per share.
CEA's minority shareholders rejected the SIA-Temasek offer early this month.
Forshaw said SIA remains keen on participating in the development of China's aviation market, but did not elaborate on what role it intends to play.
"We remain keen to play a role in China's fast-growing aviation market, and feel we can make a solid and long-term contribution through the equity and strategic partnership with China Eastern," he said.
Air China's parent, China National Aviation Corp (CNAC), last week said it has offered to acquire 2.985 bln new CEA H-shares in partnership with CEA's parent company at a price of no less than 5.0 hkd per share. CNAC would hold no more than 30 pct of CEA after the share issue.
http://www.tradingmarkets.com/.site/news/Stock%20News/1010058/
