China Southern Airlines Co., Ltd. (600029.SH; 1055.HK; ZNH.NYSE) announced on Wednesday that it had got approval from its board of directors for buying an additional four-percent stake in subsidiary Xiamen Airlines Co., Ltd from Xiamen Jianfa Group Co., Ltd.
The consideration of the deal is set at 627 million yuan, higher than 586.7 million yuan agreed by the two sides in an earlier agreement signed on July 14, 2015, in a bid to reflect the profit attribution arrangement, said the company. The transaction constitutes a connected transaction, said the company.
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