Swire, Cathay pull out of Hactl
24 / 05 / 2010
SWIRE Pacific and Cathay Pacific have agreed to sell their stakes – nearly 20 per cent and 10 per cent respectively – in Hong Kong Air Cargo Terminals Limited (Hactl). This will allow them to focus on Cathay Pacific’s own cargo terminal due to start operations in 2013.
The sale is valued at nearly HK$1.3 billion (US$166 million) for Swire Pacific and HK$640 million ($82 million) for Cathay Pacific.
Swire Pacific and Cathay Pacific chairman, Christopher Pratt, said: “The new cargo terminal represents a significant investment. [It] is a key part of our strategy to develop Hong Kong as a prominent air cargo hub. We are continuing to look at ways to develop our network and freighter frequencies out of Hong Kong. From January next year we will begin taking delivery of 10 new-generation Boeing 747-8 freighters, which will increase our capacity in line with growing demand.”
The continuing shareholders of Hactl are Jardine Matheson, Hutchison Port Holdings, Wharf Holdings and China National Aviation Corporation.
Hactl’s managing director, Anthony Wong, said: “The Hactl management team remains fully committed to ensuring that the company maintains its award-winning status as the leading air cargo terminal in the world. We look forward to continuing to partner with our customers to support their growth in Hong Kong and the region.”