China's cargo carriers merge to form Asia's largest freight company
Updated: 2015-06-26 07:15
(Agencies)
|
|||||||||||
![]() |
|
Workers load packages onto a cargo aircraft at Nantong airport, East China's Jiangsu province, Sept 4, 2013. [Photo/IC] |
The three merging companies are Air China Cargo, China Cargo Airlines and China Southern Cargo, the Xinhua news agency quoted Zhou Laizhen, CAAC deputy administrator, as saying on Wednesday.
Zhou was also quoted on Thursday on the website of People's Daily as saying the companies were pushing ahead with the merger.
The reports did not provide a timeline or valuation for the deal.
"As far as I know, I am not aware of this development and I have never heard of this news," Titus Diu, the chief operating officer of Air China Cargo, said.
The CAAC declined to comment, a spokeswoman said.
Calls seeking comment from China Cargo Airlines and China Southern Cargo went unanswered.
Air China Cargo is a joint venture freight project between Air China Limited and Cathay Pacific Airways Limited. It has registered capital valued at 3.24 billion yuan and over 4,200 employees, its website shows.
China Cargo Airlines is a venture between China Eastern and China Ocean Shipping Company (COSCO). It has 950 million yuan in registered capital, according to its website.
China Southern Cargo is part of China Southern Airlines.
Related Story:
Belt and Road Initiative takes to the skies by Zhao Lei from China Daily
Civil aviation projects to increase regional connectivity with investment of $32b
About 200 billion yuan ($32 billion) will be spent to develop civil aviation projects linked to the Belt and Road Initiative.
"At the start of this year, we began to implement 51 important projects that are closely related to the Belt and Road Initiative, with an estimated cost of 200 billion yuan," Li Jiaxiang, director of the Civil Aviation Administration of China, said at the 2015 China Civil Aviation Development Forum that opened on Wednesday in Beijing.
More than 400 government officials, international organization representatives, industry leaders and experts from 24 nations and regions are taking part in the two-day meeting.
China built 15 new airports and expanded 28 existing ones in provinces involved in the initiative during the past two years, he noted. A total of 4.7 billion yuan was allocated to these provinces over the same period to upgrade air traffic control installations and equipment, he said.
Related Stories
China may buy 50-70 Airbus A330 jets 2015-06-24 07:56
China to dominate commercial airline market 2015-06-12 17:10
China lists priorities for intl industrial cooperation 2015-05-16 15:42
China aviation business soaring through turbulence 2015-05-02 08:57
China to become world's biggest aviation market in 2030 2015-04-23 09:56
Today's Top News
Netizens stunned by end of Liu Xiang's 290-day marriage
Hollande urges Obama to stop espionage on allies
FM: Chinese visitors enjoy better visa policies
US Supreme Court upholds Obamacare
Greenhouse-cuts bill 'could reach 41 trillion yuan'
British queen may have to move out of Buckingham Palace
NSA eavesdropped on last three French presidents
BOC denies illegal activity in Italy
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
|
|
|
|
|
|













