Cargolux Airlines’ board of directors approved Friday entering into a commercial cooperation agreement with Henan Civil Aviation and Investment Co. (HNCA).
This resolution paves the way for a close 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 approval by 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,” said Paul Helminger, chairman of the board of directors of Cargolux in a statement.
In December 2011, Qatar Airways took a 35-percent share in Cargolux only to unload it Qatar Airways in January. The stake was purchased by the state, which had been looking for a new investor.