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| Joint-venture
partners at the signing ceremony. The agreement was signed
by Mr Wang Haibo, President CGWIC (10th from left), Mr
Hwang Teng Aun, President SIA Cargo (5th from right) and
Mr S Iswaran, Authorised Representative of Dahlia Investments
Pte Ltd (8th from right) |
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 SIA
Cargo, China Great Wall Industry Corporation (CGWIC) and Dahlia Investments,
a wholly owned subsidiary of Temasek Holdings, signed an agreement
on 18 May to form a joint-venture airline in China.
The airline, Great Wall Airlines Company Limited, will be incorporated
in Shanghai. It plans to begin operations in the first half of 2006.
SIA Cargo will take a 25% stake in the new airline, the maximum allowed
for a foreign airline. CGWIC will own 51% of the new company and Dahlia
Investments 24%.
Besides destinations within China, Great Wall Airlines plans to operate
wide-body freighters to the major cargo markets in the US, Europe,
North-East Asia and South-West Asia. |
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