Air China sole owner of cargo joint venture
05 / 04 / 2009
AIR China is to become the sole owner of Air China Cargo. It will buy Beijing Capital International Airport’s 24 per cent stake for 718 million yuan (USD$105 million), taking its own stake from 76 to 100 per cent.
Air China had set up the venture with Capital Airports and CITIC Pacific in 2003. In January 2008, Air China bought CITIC Pacific’s 25 per cent on top of its own 51 per cent.
By the end of last year, Air Cargo China’s assets 5.14 billion yuan ($746 million) but also had debts 3.19 billion yuan ($466 million).
According to China’s Ministry of Transport, the country aims to increase its cargo eight per cent to over 4 million tons this year. February saw the first rise in Chinese cargo volumes since last year, rising 7.4 percent to 195,195 tons.