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(Agencies)
Updated: 2007-11-19 13:40

China Eastern Airlines said on Monday it had agreed to sell its investment arm to its state parent for 462 million yuan to focus on its core business.

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China Eastern Airlines, in which Singapore Airlines Ltd and Temasek Holdings are buying a 24 percent stake for HK$7.16 billion , will sell its 98.79 percent stake in the investment unit, it said in a statement.

The sale should boost China Eastern Airlines' cash flow and reduce debts because the unit's main investment projects are not expected to pay dividend over the next three to five years, the statement said. The unit invests in projects such as airports.

Shanghai-based China Eastern said it plans to use proceeds from the sale to buy aircraft.

The investment unit, set up in 2002 with a registered capital of 412.5 million yuan, had total net assets of 467.6 million yuan at the end of May, the statement said.