24-Oct-2005 9:18 AM
ANA and Japan Post to establish international cargo JV
TOKYO (XFNews) - Shares of All Nippon Airways Co Ltd (ANA) were higher after Japan's second-largest airline and Japan Post said they agreed to forge a strategic alliance in international distribution operations.
At 9.09 am, All Nippon was up 9 yen or 2.6 pct at 354, with 2.47 mln shares changing hands against a full-day average of 3.6 mln shares for the last two weeks.
After trading hours yesterday, the two firms they said they will start in April 2006 offering express service mainly in Asia and gradually expand globally.
ANA and Japan Post will set up a joint venture around April 2006. ANA will own two-thirds of the new company, with Japan Post taking the rest. Other details of the joint venture, including the size of capital will be decided later.
Japan Post will be allowed to invest in private international cargo business from April next year.