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Nameless Private Firm Controls Shenzhen Airlines for CNY2.72bn.
(From SinoCast Transportation watch)
SHENZHEN, May 30, SinoCast -- Two nameless private companies obtained a success at an auction for a 65% stake in Shenzhen Airlines Co. Ltd., a regional airline carrier located in Shenzhen, Guangdong, Southern China, on May 23, 2005. Shenzhen-based Huirun Investment Co. and Beijing-based Bright Oceans Corp. outbid the strongest rival Air China Ltd. to take control of Shenzhen Airlines. A latest source said that Huirun Investment had become the subsidiary of Bright Oceans, so in fact, it is Bright Oceans that controls Shenzhen Airlines. The bidding for the stake started at CNY 1.8 billion (or USD 217.4 million), higher than a …
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