(MENAFN) China Southern Airlines is seeking to raise USD314 million through selling shares to its state-owned parent company to help pay off debt, AP reported.
The fundraising comes as the airline, which is China's biggest state-owned carrier by number of passenger, struggles to overcome the high fuel prices.
The company said that it would issue about 465.1 million new shares to China Southern Air Holding Company at USD0.67 a share, pending regulatory and shareholder approval.
China Southern also has spending commitments of USD25.5 billion for 180 aircraft to be delivered through 2016.
The airline said the money would be used to repay bank loans, and what is left would be added to working capital.
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