DHL raises stake in Air Hong Kong to 40%

DHL Worldwide Express (DHL) announced yesterday it had purchased a 10 per cent stake in Air Hong Kong from Maplebeck, a wholly owned subsidiary of Cathay Pacific Airways.

“The purchase of a further 10 per cent stake in Air Hong Kong is representative of our confidence in the growth of the air cargo business in the region,” said John Mullen, DHL Worldwide Express Asia-Pacific chief operating officer.As a result of the purchase, DHL now holds a 40 per cent stake in Air Hong Kong with Cathay Pacific owning the remaining 60 per cent. The terms of the cash sale were set out in the original joint venture agreement between Cathay Pacific and DHL, which was agreed in October 2002.

For commercial reasons, the price of the additional 10 per cent stake could not be disclosed, DHL said yesterday.

“A significant fleet expansion of Air Hong Kong will help DHL satisfy continued strong customer demand throughout the Asia-Pacific region. It also demonstrates our commitment to enhancing Hong Kong’s position as Asia’s leading logistics hub, where DHL will be building a new express cargo terminal at Chek Lap Kok,” Mullen said.

Air Hong Kong recently signed a purchase agreement for six new Airbus A300-600F General Freighter aircraft.