A list of preliminary shareholders for China's first jumbo jet
aircraft company has been compiled, Shanghai Securities
News reported on Monday.
The State-owned Assets Supervision and Administration Commission
on behalf of the central government will be the largest
shareholder. The China Aviation Industry Corporation I (Avic I),
together with China Aviation Industry Corporation II (Avic II), is
second biggest, an Avic I source was quoted as saying.
Avic I and Avic II, which are said to hold an equal amount of
shares, will mainly invest in the form of the production assets
they have now, said the newspaper.
Some local governments, including Shanghai municipality, were
also included on the list. The local governments as a whole planned
to inject five billion yuan (about US$694 million) into the
company. No information was available on how much that investment
would count in the total shares available.
Major Chinese metal producers such as Baosteel and China
Aluminium Corp. will also become shareholders, as they can serve in
providing manufacturing materials.
The final list of shareholders has yet to come out. There is
still a possibility of adjustments, the Avic I source said. The
company is likely to be set up ahead of the country's annual
parliamentary session that starts in early March, he said.
The establishment of the company was approved in February 2007
by the State Council, China's cabinet. This was to make the country
capable of building aircraft with a take-off weight of more than
100 tons, or planes with more than 150 seats.
(Xinhua News Agency January 29, 2008)
