Xiamen Airlines (MF, Xiamen) has acquired a 99.2% controlling stake in struggling Hebei Airlines (NS, Shijiazhuang) China's WCARN aviation news has reported. The deal was reportedly concluded on July 16. The move comes after previous majority shareholder, state-owned coal enterprise Jizhong Energy Group Co., decided to withdraw from the carrier which has racked up over USD161million in losses over the last three years.
As it stands, it is uncertain as to whether Hebei will be absorbed into Xiamen or will remain a separate entity.
Hebei operates two B737-700s, four B737-800s and five E190s on scheduled passenger services throughout China. Hebei's key bases are Shijiazhuang and Wenzhou.
