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Cargo carrier gets two new investors
By Ding Yining |
December 21, 2010, Tuesday
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Print Edition
Print Edition
CHINA Eastern Airlines said two new investors have agreed to invest in China Cargo Airlines which will be reorganized into a Sino-foreign joint venture company with an increased registered capital of 2.5 billion yuan (US$375 million).
Shanghai-based China Eastern will inject 1.05 billion yuan into the new cargo carrier and its stake will fall to 51 percent from 70 percent. Singapore Airlines Cargo and Concord Pacific Ltd, Taiwan-based Eva Air's cargo arm, will each pay 328 million yuan (US$49 million) for a 16 percent stake in the new company. COSCO Group will see its stake fall to 17 percent from 30 percent.
Founded in 1998, China Cargo Airlines was a joint venture between China Eastern and China Ocean Shipping. After the restructuring the new company will take over assets of Shanghai Airlines Cargo and Great Wall Airlines.
Shanghai Airlines Cargo was a JV between Shanghai Airlines, which has merged with China Eastern, and Eva Air. Great Wall is owned by China Eastern's parent, Singapore Airlines and Temasek Holdings, a Singapore government investment company.
Shanghai-based China Eastern will inject 1.05 billion yuan into the new cargo carrier and its stake will fall to 51 percent from 70 percent. Singapore Airlines Cargo and Concord Pacific Ltd, Taiwan-based Eva Air's cargo arm, will each pay 328 million yuan (US$49 million) for a 16 percent stake in the new company. COSCO Group will see its stake fall to 17 percent from 30 percent.
Founded in 1998, China Cargo Airlines was a joint venture between China Eastern and China Ocean Shipping. After the restructuring the new company will take over assets of Shanghai Airlines Cargo and Great Wall Airlines.
Shanghai Airlines Cargo was a JV between Shanghai Airlines, which has merged with China Eastern, and Eva Air. Great Wall is owned by China Eastern's parent, Singapore Airlines and Temasek Holdings, a Singapore government investment company.
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