China Southern Airlines has approved a plan to sell its 50% stake in MTU Zhuhai to its parent company, China Southern Air Holding, for 1.61bn yuan ($235m).
MTU Zhuhai, a maintenance, repair and overhaul firm, is a joint venture between China Southern and Germany’s MTU Aero Engines.
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The deadline to finalise the sale has been extended to 28 February 2010, based on time needed to fulfil certain conditions under the sale agreement, according to Flight Global.
If the deal is not agreed upon within the deadline, the sale may be terminated by the firms.
