Juneyao sells Okay stake to DTW

CHINA’S Juneyao Group has sold its 71.4 per cent stake in Okay Airways to cargo and logistics company Datian Wu Liu (DTW). DTW bought the stake for 200 million yuan (US$29.3 million).

Juneyao said that it wanted to concentrate on developing its own Shanghai-based carrier, Juneyao Airlines. “We want to focus our attention on Juneyao Airlines from now on, which might work better than making investments in other carriers,” DTW chairman Wang Shusheng explained.

Okay operates three 737 freighters and three 737-800s on over 20 domestic routes. It plans to introduce up to four more 737-800s by the end of 2010. Wang will become its new chairman. “I will fully use my resources and experience in logistics and tourism to develop Okay Airways into one of the best airlines in China,” he said.

Okay – China’s first commercial airline – has yet to make a profit since it was launched in 2004. Last year it lost 500 million yuan ($73.1 million). Problems between Juneyao and Okay’s other investors led to the airline suspending operations for a month in December 2008.

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