SHANGHAI: The parent company of Air China Ltd has raised its stake in the airline by purchasing 13.8 million shares on the Shanghai Securities Exchange, equal to 0.11 percent of shares outstanding, according to a statement by the listed company.
The parent company, China National Aviation Holding Co, controls 51.57 percent of Air China following the stake increase.
Based on Air China's average price of 6 yuan per share on December 21, the day the purchases occurred, China National Aviation paid about 83 million yuan ($13.09 million) for the additional shares.
Air China's mainland shares have tumbled more than 50 percent this year, more than the 23 percent decline in the Shanghai composite index.
China's net profit fell 26.5 percent year on year in the third quarter.
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