Airline Co-Ops Across Straits Intensify
Taiwan-based China Airlines Wednesday became a shareholder of the mainland-based China Cargo, by signing a framework agreement with China Eastern Airlines and China Ocean Shipping Company (COSCO).
China Airlines holds a 25 percent share of the cargo company, the first agreement of its kind between the Chinese mainland and Taiwan.
The cargo company was set up by China Eastern and COSCO, with a total investment of 1.5 billion yuan (US$181 million), of which China Eastern accounted for a 70 percent share.
China Eastern will decrease its shares to 55 percent, and COSCO's share will be reduced by 10 percent. The remaining 25 percent will go to China Airlines, which will invest in China Cargo in cash, said Luo Zhuping, secretary to China Eastern Airlines Co Ltd.
-- source: China Daily
return to travel news index