Cathay, Air China JV delayed
15 / 11 / 2010
CATHAY Pacific and Air China Cargo’s proposed cargo joint venture now looks to get the green light to start only at the start of 2011.
Tony Tyler (right), Cathay’s chief executive officer confirmed the delay but would not reveal either the reason for the delay or whether it would have any financial impact on the company.
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 edirectly and a further 24 per cent in the form of a loan.