Thomas L. Gallagher | Mar 16, 2010 1:58PM EDT
China Eastern Airlines acquired a 51 percent stake in Great Wall Airline.
With the approval of the General Administration of Civil Aviation of China, the transfer of ownership from state-run China Aerospace Science & Technology Corporation was made without any payment, according to the Ministry of Commerce of the People’s Republic of China.
Great Wall has been reorganized as a branch 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.
Great Wall is now owned by China Eastern Air Holding (51 percent), Singapore Air's cargo unit (25 percent) and Singapore-based Temasek Holdings (24 percent).
Contact Thomas L. Gallagher at tgallagher@joc.com.
