Philippines-based budget carrier Cebu Air Inc has been given approval to conduct an initial public offering for its Cebu Pacific airline, worth as much as P25.7 billion (US$5 billion). The planned offering consists of about 235.6 million shares with an indicative price of P95 per share for a total size of P22.38 million. Should the demand for their share be strong, Cebu Pacific has an option to upsize its IPO by another 35.33 million shares worth an additional P3.35 billion. The company … [Read more...] about PHILIPINES: Cebu pacific gets nod for IPO

Air China Cargo and Tolmachevo International Airport have signed an agreement on bilateral cooperation. The agreement stipulates that Tolmachevo International Airport becomes the first airport in Russia where Air China Cargo will make its technical stops. As of today, the airline has already received a certificate to provide the first seven charter flights by B747-400F on the route Shanghai – Novosibirsk (Tolmachevo) – Frankfurt. In the future, the airline is planning to … [Read more...] about CHINA: Air China Cargo agrees to stop at Novosibirsk

China Eastern Airlines has been awarded a majority, 51 per cent, stake in Great Wall Airlines by the Chinese aviation authority. Great Wall is now a division of China Eastern and will operate as one of its three cargo airlines along with Shanghai Airline Cargo International and China Cargo Airlines. Great Wall is based in Ningbo, the port city in Zhejiang Province, eastern China. There is no change to the remaining shareholding in which Singapore Airlines Cargo holds 25 per cent and … [Read more...] about CHINA: China Eastern gets majority stake in Great Wall

Air China will boost its profile in the Pearl River Delta region by taking control of Shenzhen Airlines with a CNY682.1 million (US$99.8 million) investment that will see its stake in the country’s fifth-largest carrier rise from 25 to 51 per cent. The Shenzhen municipal government will increase its share from 10 to 25 per cent with a CNY348 million investment, and controlling stakeholder Li Zeyuan’s 65 per cent will fall to 24 per cent, according to Air … [Read more...] about CHINA: Air China takes over Shenzhen for $100M

Changi Airport Group (CAG) has won a new cargo customer with the start of Malaysian-based Transmile Air’s six weekly scheduled cargo flights from Singapore to Kuala Lumpur via Kuching and Labuan in East Malaysia. Transmile Air said its new cargo route will facilitate trade flows between Singapore and East Malaysia, helping major shippers tap global export markets via Changi’s extensive air cargo network. K-Mile Air, an associate carrier of Transmile, commenced … [Read more...] about MALAYSIA: Transmile starts Singapore- East Malaysia service

Kuala Lumpur-based AirAsia is looking to cargo as a major growth area for 2010, targetting to grow its cargo revenue by more than 40 per cent over last year’s figure. The carrier is expanding its network of cargo agents and large exportimport firms. Its expanding network now reaches markets in South Asia, Africa, the Middle East and Europe beyond its current route network through special Prorate Agreements (SPAs). Sathis Manoharen, AirAsia regional head for cargo said: … [Read more...] about MALAYSIA: AirAsia targets 40% cargo growth in 2010