China Eastern to sell stake to SIA

China Eastern Airlines Corp, the country’s third-largest airline, plans to sell about 24 percent stake in the company to Singapore Airlines and Temasek Holdings for 930 million US dollars, South China Morning Post reported Tuesday, citing an unnamed source. The newspaper said China Eastern’s plan to sell a 16 percent stake to Singapore Airlines and another eight percent to Temasek, has been approved by the Chinese government.

Temasek, the Singapore government’s investment arm, owns 54 percent of Singapore Airlines.

The sale is expected to help China Eastern pay off some debt and provide Singapore Airlines a bigger access to the Chinese market, the newspaper said.