Summary by Moomoo AI
China Eastern Airlines Co., Ltd. (hereinafter referred to as the "Company") announced that it has approved the merger of its wholly-owned subsidiary, 123 Airlines Co., Ltd. (hereinafter referred to as "123 Airlines"), at the fourth board meeting on August 30, 2024. The purpose of this merger is to optimize the management structure, shorten the management chain, improve management efficiency, and reduce costs. After the merger, the Company will take over all the assets, operations, rights and obligations of 123 Airlines and continue its operations, while 123 Airlines will be deregistered in accordance with the law. This merger is not a related party transaction and does not constitute a major asset restructuring, so it does not need to be submitted to the shareholders' meeting for approval. The financial statements of 123 Airlines have been included in the Company's consolidated financial statements, and the merger is not expected to have a significant impact on the Company's financial position and operating results, nor will it harm the interests of the Company and its shareholders.
