Air China scraps planned share sale

Air China Ltd, the nation's biggest carrier by market value, scrapped plans for a private share sale, citing uncertainty about the proposal.

The airline abandoned the offering because an "element of uncertainty" meant the timing wasn't ripe, it said in a statement to the Shanghai Stock Exchange on Monday. The company's shares resumed trading in the city on Tuesday, after being halted since Oct 9.

Air China announced the plan on Oct 9 without giving a size for the offering, even as it had yet to complete a 1.05 billion-yuan ($168 million) share sale to its State-controlled parent that was approved by its board in April. China Southern Airlines Co and China Eastern Airlines Corp also agreed to sell shares to their State-controlled parents this year.

China Daily - Agencies