Airlines

China Southern to raise over $2.8 billion to fund new aircraft purchase

In a filing with the Shanghai Stock Exchange on May 31, China Southern Airlines stated that it intended to raise up to CNY17.5 billion yuan (USD2.46 billion) through a private placement of shares, with some of the funds going towards the purchase of fifty A320neo aircraft.

The state-owned airline will receive CNY5.25 billion (USD740 million) of the above amount for supplemental working capital, while CNY12.25 billion (USD1.72 billion) would be utilized to “introduce” the fifty new twinjets. The company “will adjust the funds that are raised” if the actual amount raised after expenses is less than the entire anticipated investment.

The Guangzhou-based airline announced on the same day that it is prepared to offer CNY17.5 billion (USD2.5 billion) in new Shanghai shares and HKD2.9 billion (USD370 million) in new Hong Kong shares to chosen investors.

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A private placement, in which additional stock is offered to certain investors to generate money, reduces the number of outstanding shares of a listed firm, frequently resulting in a temporary drop in the stock price.

According to China Southern, over CNY12.3 billion from the Shanghai share sale will be utilized to purchase 50 aircraft from the Airbus A320 Neo family, with the remaining funds being used to increase working capital. The funding for the general operations of the company will now include the profits from the Hong Kong private placement.

According to China Southern, Airbus A320 Neo aircraft are among the most popular short- and medium-haul airplanes in the world. According to the catalog pricing on the European aircraft manufacturer’s website, which is dated January 2020, the 50 aircraft will cost approximately USD 6.4 billion.

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Airlines

Qatar Airways Adds Direct Toronto-Amritsar Flights with Stopover in Doha

Qatar Airways has made travel easier for passengers by announcing a new three-weekly non-stop service between Toronto, Canada, and Doha, Qatar, starting on December 11, 2024.

This new route provides seamless connectivity for travelers heading to Amritsar, offering a convenient alternative for the Punjabi diaspora in Toronto who wish to avoid the hassles of transiting through Delhi airport.

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In a joint press release, Anantdeep Singh Dhillon, FlyAmritsar Initiative North America Convener, and Sameep Singh Gumtala, Global Convener, highlighted that this new route addresses the long-standing demand for better travel options to Punjab.

With this service, Amritsar will now have ten weekly flights to Canada via Doha, making the journey simpler and more comfortable for travelers who previously had to deal with long road trips, multiple layovers, and extended check-ins.

Flight Schedule and Connectivity

The qatar air line from Amritsar will depart at 4:10 a.m. (local time) and arrive in Doha at 6:05 a.m. (local time). After a layover of 3 hours and 45 minutes, passengers will board the qatar airways flight from Doha to Toronto at 9:50 a.m. (local time) on Wednesdays, Fridays, and Sundays, landing in Toronto the same day at 3:55 p.m. (local time).

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On the return journey, the qatar airlines will depart from Toronto at 8:00 p.m. (local time) and arrive in Doha at 4:30 p.m. (local time) the following day. From there, passengers will catch the connecting flight to Amritsar at 8:40 p.m. (local time), reaching their destination by 2:40 a.m. (local time). The total travel time qatar seatmap for the journey is approximately 20 hours and 10 minutes.

This new route is a significant relief for travelers who have often faced the challenges of long road journeys to Delhi, lengthy layovers, and multiple check-ins. By streamlining the travel process, qatar Airways ensures a smoother and faster journey, enhancing the overall travel experience for passengers traveling between Canada and Punjab.