June 12 - Cargolux has signed a joint venture equity contract to establish a resident cargo airline operating out of Zhengzhou under a Chinese air operator certificate (AOC).
In January 2016, the Cargolux board of directors approved an investment of USD77 million for the joint venture based in Zhengzhou, as HLPFI reported here.
Henan Civil Aviation and Development Investment (HNCA), the Henan Airport Group, and Xinggang Investment Group Company will hold 75 percent of the shares in the airline, while Cargolux will hold the remaining 25 percent.
The joint venture contract was signed in Beijing in the presence of Luxembourg's Prime Minister Xavier Bettel and the People's Republic of China's State Council Premier Li Keqiang.
The name of the airline will be Henan Cargo Airlines with the first revenue flight expected to take place in the fourth quarter of 2018.
