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Cathay Pacific to sell 10 percent stake in air Hong Kong limited

06 Mar 2003

Cathay Pacific Airways today announced that Maplebeck Limited, a wholly owned subsidiary of Cathay Pacific Airways, entered into an agreement to sell an additional 10 percent interest in Air Hong Kong Limited (AHK) to DHL Worldwide Express.

The terms of today's cash sale were set out in the original Joint Venture Agreement between Cathay Pacific and DHL Worldwide Express, which was agreed in October 2002. For commercial reasons, the price of the additional 10 percent stake will not be disclosed. With this transaction, AHK will be 60 percent owned by Maplebeck and DHL Worldwide Express will hold the other 40 percent stake.

On 4 March 2003 AHK signed a purchase agreement for six new Airbus A300-600F "General Freighter" aircraft in order to implement its plans to expand operations with the Asian region from its base in Hong Kong. The six wide-body aircraft are scheduled for delivery between the second half of 2004 and the first quarter of 2005. AHK also has options on four more of the same aircraft type for possible delivery at a later date.