New Cargo Joint Venture

CATHAY PACIFIC Airways and Air China have formally launched their joint venture cargo operation, which will consolidate the two airlines’ airfreight businesses.  The new entity, known as Air China Cargo, has Air China owning a 51% stake in the consolidated carrier, Cathay Pacific with 25% and an offshore trust holding the remaining 24%.  Air China Cargo’s fleet will initially comprise 12 Boeing 747-400 freighters and will be based at Shanghai.  The consolidation of both companies’ cargo businesses is part of their long-term cooperation strategy, which will increase fleet development, strengthen their respective market positions and help Air China Cargo reach all-round global development.