China's Okay Airways has had a management change after its majority shareholder Juneyao Group sold its stake in the passenger and cargo airline to Chinese logistics company Datian Wu Liu (DTW).

Okay's new chairman Wang Shu Sheng, the chairman of DTW, replaces Wang Jun Jin, the chairman of Juneyao Group, says Okay.

Chinese media reports say Juneyao sold its 71.4% stake in Okay to DTW for 200 million yuan ($29.3 million) so it could concentrate on its Shanghai-based passenger carrier, Juneyao Airlines.

Okay operates Boeing 737-800 and Xian Aircraft MA60 passenger aircraft. But it also operates Boeing 737-300Fs in China on behalf of FedEx, which in 2007 bought DTW's domestic and international priority express business.

Okay's officials were unavailable for comment today.

In a statement on its website, Okay says it expects to receive up to four more Boeing 737-800s and two MA60s by year-end.

Source: Air Transport Intelligence news