China Eastern Airlines (Shanghai) and other investors will inject $308 million into their joint venture China Cargo Airlines Company.
China Eastern’s share of the stock will decline to 51percent from 70 percent as it brings in additional investors to fight off inroads in the cargo market by Air China (Beijing).
The China Cargo subsidiary currently operates three Airbus A300 freighters, two Boeing 747-400F freighters, three Boeing 777F freighters and five McDonnell Douglas MD-11F freighters.
Read the full report from the WSJ:
Copyright Photo: Wim Callaert. China Eastern Airlines rolled out this special Expo 2010 promotional logojet on its Airbus A330-343X B-6100 (msn 928) on January 19, 2010 in Shanghai.