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China Eastern introduces new investors to cargo unit
By Ding Yining |
December 20, 2010, Monday
|
Online Edition
Online Edition
CHINA Eastern Airlines said today it has agreed to introduce two new investors to China Cargo Airlines and consolidate three air cargo carriers to bolster its cargo business.
China Eastern will inject 1.05 billion yuan(US$159 million) into the new cargo carrier and its stake will fall to 51 percent from 70 percent, according to a Shanghai stock exchange filing.
Founded in 1998, China Cargo Airlines was a joint venture between China Eastern and China Ocean Shipping. It will take over assets of Shanghai Cargo Airlines and Great Wall Airlines after the restructuring.
Singapore Air's cargo unit and Concord Pacific Ltd, Taiwan-based Eva Air's cargo arm, will each pay 328 million yuan for a 16 percent stake in the new company.
COSCO Group will see its stake fall to 17 percent from 30 percent as it contributes 348.5 million yuan to the capital increase.
China Eastern will inject 1.05 billion yuan(US$159 million) into the new cargo carrier and its stake will fall to 51 percent from 70 percent, according to a Shanghai stock exchange filing.
Founded in 1998, China Cargo Airlines was a joint venture between China Eastern and China Ocean Shipping. It will take over assets of Shanghai Cargo Airlines and Great Wall Airlines after the restructuring.
Singapore Air's cargo unit and Concord Pacific Ltd, Taiwan-based Eva Air's cargo arm, will each pay 328 million yuan for a 16 percent stake in the new company.
COSCO Group will see its stake fall to 17 percent from 30 percent as it contributes 348.5 million yuan to the capital increase.
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