China Eastern Airlines announced Monday it is to invest 1.046 billion yuan (US$157 million) in China Cargo Airlines, the China Securities Journal reported Monday.

But China Eastern's share holding in China Cargo will drop to 51 percent from the current 70 percent after the transaction.

China Ocean Shipping Group, Concord Pacific Limited and Singapore Cargo Airlines will also take part in the capital injection, investing 349, 328 and 328 million yuan. After the transaction, the three companies will hold 17, 16 and 16 percent of China Cargo, respectively.

China Securities Journal carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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