Air China Cargo Co Ltd (ACC) has commenced operations in a new joint venture with Cathay Pacific Airways Limited. An opening ceremony was held in Beijing recently to commemorate the development. Under the joint venture, Air China has a 51% equity interest in the company while the Cathay Pacific Group has a 25% equity interest together with a 24% economic interest.
There will be seven directors on the ACC board. Four, including the Chairman, are appointed by Air China, while three, including the Vice Chairman, are appointed by Cathay. The make-up of the ACC board and management team is designed to take full advantage of the complementary strengths of the two companies in terms of experience and expertise to prepare the joint venture for broad international growth.
With its principal operating base in Shanghai, the joint venture will soon have a fleet of 12 Boeing 747-400s freighters.
Pictured (from left): Party Secretary, Air China Cargo, Huang Bin; Director Marketing and Sales, Cathay Pacific, Mr Ruper Hogg; Assistant President, General Manager of Strategy and Development, Air China, Ms Zhang Yang; Chief Executive of Cathay Pacific Airways, Mr. John Slosar; President of Air China, Mr. Cai Jian Jiang; Chairman of Cathay Pacific Airways, Mr. Christopher Pratt; Chairman of China National Aviation Corporation, Mr Kong Dong; Party Secretary of Air China, Chairman of Air China Cargo Mr. Fan Cheng; Chief Operating Officer, Cathay Pacific, Vice Chairman Air China Cargo, Mr. Ivan Chu; Director Corporate Development, Cathay Pacific, Mr James Barrington; President, Air China Cargo, Yao Jun; and Chief Operating Officer, Air China Cargo, Titus Diu.