Shenzhen International to Buy 24% of Shenzhen Airlines for $121 Million

Shenzhen International Holdings Ltd. (152) has agreed to pay 788.6 million yuan ($121 million) for a 24 percent stake in Shenzhen Airlines, according to a company filing to the Hong Kong stock exchange today.

The deal will boost Shenzhen International’s ownership of the carrier to 49 percent from 25 percent, it said. The stake is being sold by Shenzhen Huirun Investment Co. Ltd., which has been declared bankrupt in China’s courts and is in receivership.

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