Beijing airport sells stake in Air China Cargo

CAPITAL Airports Holding Company (CAH) is selling a 24 per cent stake in Air China Cargo (also known as International Cargo Transport).

CAH manages Beijing Capital International Airport and is China’s large-scale state-owned airport group while Air China Cargo is one of China’s largest air freight companies.

Air China, Gold Leaf Enterprises Holdings (a wholly-owned subsidiary of CITIC Pacific) and CAH co-founded Air China Cargo in 2003. Air China took over Gold Leaf through its arm China National Aviation early in 2008, raising its stake in Air China Cargo from 51 per cent to 76 per cent. Now as the controlling shareholder it has said that it will not give up the priority to purchase the stake on sale.

CAH has stipulated that the potential buyer should be a state-controlled single entity and have registered capital of not less than CNY 3 billion (US$438 million) as well as management and operation experience in public aviation transportation.