To support its increasing need for ground and cargo handling services at Hong Kong International Airport (HKIA), Hong Kong Airlines has agreed to acquire 51% of the shares of SATS HK Limited (“SATS HK”) and 35% shares of Asia Airfreight Terminal Company Limited (“AAT”) respectively.
At the same time, Hong Kong Airlines, which is a subsidiary of the Hainan Airlines Group (HNA) and the second-largest carrier at HKIA, has contracted with SATS HK and AAT to handle its ramp and
cargo services.
SATS HK is a subsidiary of Singapore-based SATS, a unit of Singapore Airlines, and provides ramp and passenger handling services at HKIA, while its affiliate AAT provides cargo handling
services.
On way to becoming a globally recognised airline
The sale and share purchase agreement between SATS HK and Hong Kong Airlines will be through the airline’s wholly-owned subsidiaries Voltaire Capital Investment Limited (VCIL) and Holistic
Capital Investment Limited (HCIL). SATS HK will remain the majority shareholder of AAT with a 45% stake, while HCIL will become the second largest shareholder with 35% shareholding. The third
shareholder Eastern Option Limited will continue to hold its existing 20% stake in AAT.
Wang Liya, president of Hong Kong Airlines said that the acquisitions of SATS HK and AAT "will not only bring synergies to our increasing scale of operations and establishments at the HKIA, they
also represent another important milestones in the evolution of our company to become a globally recognised carrier."
Combination carrier
The acquisitions, he stated, "will further step up our efforts in strengthening Hong Kong’s position as the international aviation hub.”
Apart from belly-hold cargo on its fleet of A330s and A320s, Hong Kong Airlines also operates a fleet of five A330-200 freighters.
Nol van Fenema
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