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AviChina Industry & Technology Co Ltd to Set up Joint Venture

Thursday, 20 Sep 2012 05:16am EDT 

AviChina Industry & Technology Co Ltd announced that on September 20, 2012, the Company, Aviation Industry Corporation of China (AVIC), China Aviation Industry General Aircraft Co., Ltd (AVIC Tongfei) and Hebei Aviation Investment Group Co., Ltd. (Hebei Aviation Investment), entered into a capital contribution agreement, pursuant to which the four companies will establish a joint venture named AVIC Huabei Aircraft Industry Co., Ltd. (Huabei Aircraf). Upon establishment of Huabei Aircraft, the Company, AVIC Tongfei and Hebei Aviation Investment will own 12%, 53% and 35% of the equity interest in Huabei Aircraft, respectively. The proposed registered capital of Huabei Aircraft is RMB 1,500 million. The scope of business of Huabei Aircraft is intended to be primarily the manufacture of general aviation aircraft, operations of and services (airport services and general aviation aircraft marketing services) for general aviation. 

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0.1 +2.21%
29 Aug 2014