EVA Air announced a strategic move to acquire equity in three subsidiaries of Evergreen International, investing a total of 2.913 billion yuan (approximately US$402 million). This acquisition is seen as a step toward facilitating the division of assets among the Zhang brothers, who own Evergreen International. As part of the deal, EVA Air is set to purchase the entire 38,400 shares of Evergreen Air Kitchen for 1.998 billion yuan (approximately US$276 million).
Additionally, EVA Air is acquiring shares in Evergreen Airlines and Evergreen Air Freight Warehousing for 565 million yuan (US$78 million) and 350 million yuan (US$48 million), respectively. The transaction reflects a valuation based on independent expert reports and has been approved by EVA Air’s board of directors.
Corporate governance analysts note that the recent asset sales by Evergreen International signal a clear path for the Zhang brothers to separate their interests. The cash from these sales allows each brother to invest in ventures they are passionate about, marking a significant shift in the Evergreen Group’s dynamics.
This development comes after Evergreen Group’s management dispute ended, with its holding companies gradually liquidating assets, thereby reducing their influence over related listed companies and setting the stage for the Zhang brothers’ future endeavors.
