Air China has 80.86 percent stake in Air Macau

7 December 2009

Hong Kong, China, 7 Dec – Air China has injected 158.7 million patacas (US$19.8 million) in the capital of Air Macau raising its stake in the Macau airline from 51 percent to 80.86 percent, the Chinese airline said Friday.

In a statement published Friday by the Hong Kong Stock Exchange, Air China said that some of the shareholders had opted not to accompany the capital increase decided in a General Meeting held last April.

In that operation, the capital of Air Macau was initially reduced from 400 million patacas to 1 million, in order to absorb losses, and later raised to 400 million patacas via the issue of 1.99 million ordinary shares and 2 million non-voting shares at a unit price of 100 patacas.

Once the operation was concluded, Air Macau’s shareholders were made up of China National Aviation Company-Macau (80.86 percent), SEAP – Serviços, Administração e Participações (0.01 percent), Sociedade de Turismo e Diversões de Macau (14 percent), Evergreen Airways (0.25 percent) and the remaining 0.0125 percent in the hands of “other shareholders.”

The big changes to the shareholder structure took place with SEAP, a partnership between TAP – Air Portugal and Banco Nacional Ultramarino, which fell from 20 percent to 0.1 percent, Taiwan’s Evergreen whose stake fell from 5 percent to 0.025 percent and the “other shareholders,” from 5 percent to 0.0125 percent.

The Air China statement, to which news agency MacauNews had access, said that before the operation the company had acquired shares representing 1.25 percent of the capital from small shareholders, increasing its stake in the company to 52.25 percent.

Air Macau, which started operating in November 1995, posted a loss of 416 million patacas in 2008. (macauhub)