Summary by Moomoo AI
CHINA EASTERN AIRLINES CO., LTD. (THE “COMPANY”) APPROVED A MOTION TO ACQUIRE A 55% STAKE IN EASTERN AIR MEDIA AT ITS BOARD MEETING ON DECEMBER 14, 2023. On January 24, 2024, the Company's wholly-owned subsidiary Eastern Airlines signed an agreement with China Eastern Airlines Group to acquire the shares at a price of RMB 12,620.30 million. This transaction constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules, but is exempt from compliance with the independent shareholders' approval requirement as the maximum applicable percentage of the transaction is less than 5%. Upon completion of the acquisition, Eastern Air Media will become a wholly owned subsidiary of Eastern Airlines. This acquisition will help the company accelerate the integration and development of its media business in the digital age and enhance the company's market competitiveness.