Cathay, Air China Cargo joint venture gets green light
16 / 11 / 2010
LESS than a fortnight after Cathay Pacific’s chief executive officer, Tony Tyler (right), confirmed a delay in approval for Cathay and Air China Cargo’s proposed cargo joint venture, than chairman Christopher Pratt announces permission has been granted.
Speaking in Hong Kong at an industry event, Pratt said that operation would either commence on 1 December or 1 January, 2011.
Cathay had been hoping to start operations in the summer, but this was subsequently rescheduled for October.
Air China Cargo will form the basis of the new joint venture but remain a subsidiary of Air China. Air China will hold 51 per cent in it, with Cathay Pacific holding 25 per cent directly and a further 24 per cent in the form of a loan. Cathay will also sell four 747-400 freighters to the venture.