April 16, 2019 / 8:20 AM / 2 months ago

Hong Kong Airlines expands board as it seeks fresh funds to survive

HONG KONG, April 16 (Reuters) - Former Hong Kong Airlines director Zhong Guosong has been appointed chairman as part of a board expansion aimed at turning around the struggling company, formerly controlled by heavily-indebted Chinese conglomerate HNA Group.

The move hands effective power to Zhong and Chinese private equity Frontier Investment Partner who hold about 27 and 34 percent, respectively. HNA, which cut its stake two years ago, holds about 29 percent.

The two controlling shareholders have appointed a group of directors including Zhong, they said in a statement on Tuesday. ($1 = 7.8395 Hong Kong dollars) (Reporting by Julie Zhu; Writing by Jennifer Hughes; Editing by Muralikumar Anantharaman)

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