China Eastern to raise US$2.4 billion

China Eastern to raise US$2.4 billion

China Eastern Airlines plans to raise up to 15 billion yuan (US$2.4 billion) in a share sale to fund aircraft purchases and repay loans.

The carrier said in a statement to the Hong Kong stock Exchange that it plans to buy 23 aircraft, a mix of Airbus A321s, Boeing 737-800s and 777-300ERs.

The stock sale is subject to approval by China’s regulators and shareholders, according to the statement. China Eastern shares are traded on both the Hong Kong and Shanghai exchanges.