Hainan Airlines is planning to raise around $1.2 billion through a share sale, Reuters reports. The company, which is owned by the investment arm of China’s Hainan province government, will sell a total of 1.24 billion.

Hainan aims to use the proceeds from the sale to repay its outstanding bank loans worth $928.5 million. The company will not select more than 10 investors to buy the shares and will keep the controlling shareholder and affiliates out from the process, adds China Daily.

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