Business | Aviation
China to set up $2.7b plane-making company
China will set up a 19 billion yuan ($2.7 billion) company in Shanghai on Sunday to develop and build a large passenger jet, the 21st Century Business Herald reported, citing people it didn't identify.
- Bloomberg
- Published: 23:37 May 10, 2008
Shanghai: China will set up a 19 billion yuan ($2.7 billion) company in Shanghai on Sunday to develop and build a large passenger jet, the 21st Century Business Herald reported, citing people it didn't identify.
The state-owned Asset Supervision and Administration Commission (Asac) will invest 6 billion yuan to become the largest shareholder of China Commercial Aircraft Co., the Beijing-based newspaper reported.
Stakeholders
The Shanghai city government will spend 5 billion yuan to take the second-biggest stake, it said.
Zhang Qingwei will be appointed chairman of the company and Jin Zhuanglong will be named president, the newspaper said.
China Aviation Industry Corp. I, or Avic I, will invest 4 billion yuan, the newspaper said.
Avic II, Baosteel Group Corp., Aluminum Corp. of China and Sinochem Corp. will each invest one billion yuan in cash, it said.
More from Aviation
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
