The parent company of Panama's Copa Airlines said on Monday it plans to sell 14 million shares in a price range of USD$15 to USD$17 a share in a deal that allows key stockholder Continental Airlines to raise cash.

The Panamanian airline said the Class A non-voting shares were being offered jointly by stakeholders Cia. de Inversiones Aereas and Continental Airlines.

Copa said in a filing with the Securities and Exchange Commission that Continental's stake in the airline would fall to about 32 percent from 49 percent currently, adding that Continental had an option to sell additional shares.

Continental said in May that it was looking for buyers for its Copa stake to bolster cash depleted by high fuel costs and tough competition.