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China Eastern Airlines said yesterday that discussions about teaming up with a foreign strategic partner are on track.

 

The carrier's comments came in response to state media reports that it is in final talks to sell a stake to Singapore Airlines.

 

"The process is going smoothly," said Luo Zhuping, board secretary of China's third-biggest carrier, which trades shares on the Shanghai and Hong Kong stock exchanges.

 

He declined to say whether Singapore Airlines is the potential buyer or predict when a deal might be concluded.

 

"It depends on the stock market," Luo said. "It's too early to give a timetable. It could be very soon or very late."

 

China Eastern and Singapore Airlines have begun negotiations on the price of a stake sale, the China Securities Journal reported yesterday, citing an unidentified source close to the Shanghai-based carrier.

 

China Eastern is likely to issue shares to Singapore Airlines through a private placement, the report said.

 

Singapore Air said in a statement yesterday: "From time to time, we have general discussions with other airlines about possible opportunities, including China Eastern Airlines.

 

"The airlines are talking about possible cooperation, but there have been no decisions to pursue any other relationship at this point in time."

 

China Eastern A shares surged by the daily trading limit for the second consecutive day yesterday.

 

The carrier's share prices have increased 26.6 percent over the past three trading days to 8.23 yuan (US$1.07).

 

Its Hong Kong-listed shares also surged yesterday, jumping 13.5 percent to HK$3.09 (40 US cents).

 

China Eastern is the only listed Chinese carrier to post a loss last year.

 

The airline said in July that it is in talks with potential investors, including Singapore Airlines.

 

(Shanghai Daily May 11, 2007)