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Hainan Airlines, Sino-African Fund to buy into Astral Airlines

Staff writer |
Chinese Premier Li Keqiang and Kenya's President Uhuru Kenyatta witnessed signing of several multi-field cooperation agreements, including a MoU over aviation, and an agreement over aviation industry cooperation in Kenya and East Africa.

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The Ministry of Commerce of China and the transport authority of Kenya signed a MoU over aviation cooperation. Hainan Airlines, Sino-African Fund, Astral Airlines, and a Kenya-based bank sealed an agreement, too.

Hainan Airlines and Sino-African Fund will buy into Astral Airlines. Hainan Airlines will provide technology support and aircraft leasing service while Astral will take charge of providing supplementarily support services.

The four plan to completed preparations for establishment of a new airlines, including drafting shareholder agreement, assessing assets of the previous aviation firm, finalizing stake and investment of each investors, within 90 days after the signing. Based in Nairobi, the new firm will operate in Kenya and other eastern African markets surrounded.

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