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Issue #595

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Project Cargo Bi-Annual

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2014 Media Kit

Cargolux board clears way for Luxembourg government to sell stake

By: | at 03:12 PM | Air Cargo  

Freight-only airline Cargolux approved a cooperation deal with a group of Chinese investors, paving the way for the Luxembourg government to sell its 35 percent stake in the group.

Cargolux said its cooperation agreement with investment vehicle Henan Civil Aviation Development and Investment Co (HNCA) would allow it to profit from trade between Asia and Europe.

Luxembourg, which has held 35 percent of Cargolux since buying it from Qatar Airways in December 2012 for $117.5 million, is now expected to announce the sale of its stake to the Chinese investors.

Cargolux’s other shareholders include Luxembourg airline Luxair (43.4 percent) and state-owned Luxembourg banks BCEE (10.9 percent) and SNCI (10.7 percent). (Reuters)