China Eastern Airlines Chairman, Liu Shaoyong, stated the airline will receive its parent’s 51% stake in Great Wall Airlines, a cargo JV with Singapore Airlines, this year, as part of efforts to consolidate the carrier’s air freight operations (which also include Shanghai Airlines Cargo International and China Cargo Airlines) and build its presence in the Shanghai cargo market (Bloomberg/Shanghai Daily, 10-Mar-2010). China Eastern has already taken over management of Great Wall Airlines, which is 51%-owned by China Eastern Air Holding Co (which previously received the stake from state-owned Beijing Aerospace Satellite Application Corp for free), 25% by Singapore Airlines Cargo and 24% by Dahlia Investments, a fully-owned subsidiary Temasek Holdings. Great Wall Airlines, based at Shanghai Pudong International Airport, was founded in 2005.
China Eastern to receive 51% stake in Great Wall Airlines to streamline Shanghai cargo ops
11-Mar-2010 9:44 AM