Air NZ sells Virgin stake to Chinese Conglomerate

Company News

by Jessica Ellerm


Air New Zealand Limited (ASX:AIZ) has announced it will sell a 19.98 percent stake in Virgin Australia to privately owned Chinese conglomerate Nanshan Group.
 
The company has entered into a Sale & Purchase Agreement with Nanshan which will see it sell the majority of its holding in Virgin for 33 cents per share. 
 
Nanshan currently owns Chinese carrier Quingdao Airlines, which it launched in April 2014.
 
The sale is subject to Nanshan receiving regulatory approvals from Chinese authorities.
 
Air New Zealand reported a net profit of $316.87 million at 31 December 2015.

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