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Cargolux confirms Chinese investment

December 13 - The Board of Directors of Cargolux Airlines International has approved entering into a Commercial Cooperation Agreement with Henan Civil Aviation and Investment Co Ltd (HNCA).

The airline says that this resolution paves the way for a close and mutually beneficial partnership between Cargolux and the airline's future Chinese investor following the recent decision by the State of Luxembourg to sell its 35 percent stake to HNCA pending formal approval by the relevant Chinese authorities.

"This transaction will enable Cargolux to be well positioned to profit from the trade movements generated by one of the world's most dynamic and fastest developing economies and a province with an accelerating domestic appetite for goods transported by air', stated Paul Helminger, chairman of the board of directors of Cargolux.

According to reports earlier this week  in the Chinese media, the total value of the transaction is USD231 million.

The 35 percent stake, which is currently held by the Luxembourg government, was sold by Qatar Airways Co in December 2012, which bought the stake from the government in 2011.

The reports indicate that Zhengzhou Xinzheng International Airport will become Cargolux's second hub globally after the transaction is completed, and the freight carrier will open new routes from Luxembourg to Zhengzhou, the capital of Henan province, with four flights weekly.

www.cargolux.com

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