Hong Kong Airlines seeking 40% Hactl stake

Hong Kong Airlines CEO Yang Jianhong was quoted in the South China Morning Post as saying the carrier – which is controlled by China’s HNA Group – was in negotiations to acquire up to a 40 per cent stake in Hong Kong Air Cargo Terminals (Hactl).


Hong Kong Airlines seeking 40% Hactl stake


Hong Kong Airlines CEO Yang Jianhong was quoted in the South China Morning Post as saying the carrier – which is controlled by China’s HNA Group – was in negotiations to acquire up to a 40 per cent stake in Hong Kong Air Cargo Terminals (Hactl). Hactl currently handles nearly 80 per cent of the cargo moving through Hong Kong International Airport, but will lose roughly half of that business when its biggest client Cathay Pacific Airways opens its own cargo handling terminal at the airport.

Hong Kong Airlines has grown from a small carrier with a handful of B737 passenger aircraft to a more significant carrier in terms of both passengers and cargo, following the acquisition of a significant stake by HNA in 2006. The carrier has aircraft orders with both Airbus and Boeing for large numbers of both narrow and widebody aircraft including an MOU to convert orders for 15 A330s to A350s and an additional order for 10 A330-200s.

At the Paris Air Show in June 2011, Hong Kong Airlines had announced a signed contract for 10 A380’s however due to China’s anger with the European Union over plans to force all airlines to take part in its carbon-trading scheme, the Chinese government has blocked progress on Airbus’s sale of 10 A380s to Hong Kong Airlines. But in early January 2012, HKA’s corporate governance head Kenneth Thong stated in a TV interview that the order was going ahead.