Press: SIA to take lower stake in China Eastern

25th May 2007

Singapore Airlines Ltd will not pay more than HK$6 billion (US$7.6 billion) for a stake in China Eastern Airlines, the South China Morning Post reported, citing a source familiar with the deal. The value of the deal “is much less than most media reports have indicated,” the source was quoted as saying.

Goldman Sachs said on Wednesday that Singapore Airlines may have to pay 19.8 bln yuan, or over 20 bln hkd, for a 25 pct stake in China Eastern.

A 25 pct stake would make Singapore Airlines the second-largest shareholder in China Eastern.

The newspaper did not specify whether the 6 bln hkd estimate refers to Singapore Airlines taking a lower stake that the reported 25 pct.


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