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SIA Cargo Acquires Stake in China Cargo Airlines

SIA Cargo Acquires Stake in China Cargo Airlines

Singapore Airlines Cargo has signed an agreement to acquire 16 percent of the equity interest in China Cargo Airlines Co Ltd, subject to regulatory and other approvals.

China Cargo Airlines is a Shanghai-based company incorporated in the People’s Republic of China, with an initial registered capital of RMB950 million (NZ$170.23 million). It was 70 percent owned by China Eastern Airlines and 30 percent owned by China Ocean Shipping (Group) Company (COSCO).

Following an investment agreement signed in Shanghai today, the parties will seek approvals for China Cargo Airlines to be re-organised into a limited liability Chinese-foreign equity joint venture company. Its registered capital will increase to RMB3 billion (NZ$540 million).

SIA Cargo’s investment in the re-organised company will amount to RMB328 million (NZ$58.77 million). The new shareholding structure of China Cargo Airlines will be as follows:

China Eastern Airlines 51 percent
COSCO 17 percent
Concord Pacific Limited
(EVA Airways Affiliate Company) 16 percent
SIA Cargo 16 percent

SIA Cargo’s President, Mr Tan Kai Ping, said: “We are excited about the joint venture. It affords SIA Cargo greater participation in the booming cargo transportation sector in China and we look forward to working closely with our new partners.”

China Cargo Airlines operates a fleet of 13 aircraft comprising three Airbus A300 freighters, two Boeing 747-400 freighters, three Boeing 777 freighters and five McDonnell Douglas MD-11 freighters.

Its global route network extends to 26 destinations outside Shanghai, covering major cargo ports in China, Asia, Europe and the United States.

ENDS

© Scoop Media

 
 
 
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