Taiwan's China Air writes down mainland cargo carrier investment by USD24.8 million


Taipei (XFN-ASIA) - China Airlines (2610.TW) said its wholly owned CAL-Asia Investment Inc registered a 24.81 mln usd write-down on its 38.80 mln usd investment in China's Yangtze River Express Airlines as of the end of 2007.

The investment, made in January 2006, indirectly gave China Airlines a 25 pct stake in the Chinese cargo carrier.

Other Taiwan investors in the Yangtze airline include Yang Ming Marine Transport Corp (2609.TW) with 12 pct and Wan Hai Lines (2615.TW) and China Container Express Lines with 6.0 pct each.

At 9.10 am, China Airlines was up 0.60 twd or 3.66 pct at 17.00, Yang Ming Marine was 0.60 twd or 2.86 pct higher at 21.60, and Wan Hai was up 0.65 twd or 2.67 pct at 25.00.

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