Air China and Cathay Pacific Airways have announced the
consolidation of their cargo businesses in a Beijing ceremony to
launch the new Air China Cargo.
Air China will hold 51% of the shares and Cathay Pacific will
hold 25% of the shares and 24% of economic interests in Air China
Cargo. Air China Cargo's Board of Directors has four Air China
members and three Cathay Pacific members. After the consolidation,
Air China Cargo's fleet will include 12 B747-400 aircraft. The
airline's operation center will be based in Shanghai.
The consolidation of Air China and Cathay Pacific's cargo
businesses is part of the two airlines' long-term cooperation
strategy. This latest collaboration will increase fleet development
and strengthen the market position of both airlines. The operation
center in Shanghai will satisfy the market demands of the Yangtze
River Delta, which makes up two-thirds of Air China's service area.
The cooperation will help Air China Cargo reach all-round global