East Star Airlines stake offer
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East Star Airlines, the private Chinese carrier, said it will sell at least an 85% stake in the airline in order to stay afloat, according to a Reuters report.
East Star will receive at least CNY500 million (US$73.3 million) from outside investors, led by Shanghai Yujie Industry Co. No timetable or details of other investors were available. East Star, which had previously rejected a takeover bid from Air China’s state-owned parent company, and was grounded by the Chinese aviation regulator in March due to operational difficulties.
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