Cargolux co-operation pact clears way for Chinese investors

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Cargolux Airlines International's board has approved a deal commercial co-operation deal with Henan Civil Aviation and Investment (HNCA) in a move supporting plans for the Chinese group to take a 35% stake in the freight operator.

"This resolution paves the way for a close and mutually beneficial partnership between Cargolux and the airline’s future Chinese investor following the recent decision by the State of Luxembourg to sell its 35% stake to HNCA pending formal approval by the relevant Chinese authorities," says Cargolux in a statement announced the co-operation deal.

Luxembourg has has been looking for a new investor since Qatar Airways sold its 35% stake in Cargolux back to the government late last year after little more than a year.

"This transaction will enable Cargolux to be well positioned to profit from the trade movements generated by one of the world’s most dynamic and fastest developing economies and a province with an accelerating domestic appetite for goods transported by air," says Cargolux board chairman Paul Helminger.