China Eastern Parent Plans Pact With Third Party; Trading HaltedSam Nagarajan
China Eastern Airlines Corp. said its parent company plans to enter into a cooperation agreement with a third party in relation to the carrier.
Trading in the shares of the carrier in Hong Kong and Shanghai was suspended starting 9 a.m. Thursday to help minimize the impact on the stock price, China Eastern Airlines said in a statement.
The statement didn’t elaborate on the nature of the partnership other than saying it would relate to the company’s main operations and shareholding.
Shares of the airline fell 1.5 percent in Hong Kong on Wednesday to HK$4.57 and rose 3.6 percent to 6.62 yuan in Shanghai.
Delta Air Lines Inc. unveiled a plan in July to invest $450 million for a 3.6 percent stake in China Eastern.