Friday, June 23, 2006

Temasek, SIA join Chinese partner to launch air cargo company

Investment company Temasek Holdings and Singapore Airlines have joined hands with China Great Wall Industry Corporation to launch China's first joint-venture air cargo company.
The joint venture firm, Great Wall Airlines Company (GWA), is based in Shanghai's Pudong Airport and started inaugural flights on Thursday.
GWA has a registered capital of RMB1 billion - or nearly S$200 million - and a total investment of RMB1.2 billion.
China's civil aviation authority has approved three international freight routes for the carrier - from Shanghai to Amsterdam, Shanghai to Singapore and Shanghai to Mumbai or Chennai.
Temasek holds a 24 percent stake in GWA, while SIA Cargo has 25 percent.
The remaining stake is held by the Chinese partner.
22/06/06 Channel News Asia, Singapore