SF Express said its wholly owned subsidiary Shenzhen SF Tyson Holdings has signed a cooperation agreement with the Hubei Provincial Government to jointly develop and build a US$726m cargo airport. The new facility at Ezhou Airport will be the world’s fourth and Asia’s first professional freight airport, the company added.
Hubei Traffic Investment Group, SF and Shenzhen Nongyinkonggang Investment will establish a joint venture company with a capital of 5 billion yuan (US$726m) and shares distributed at 49%, 46% and
5% among the three companies.
In a statement, SF said when the airport receives its operating license, SF Tyson will become the controlling shareholder of the joint adventure following one or more equity transfers to SF Tyson by Nongyinkonggang Investment.
Operationally by 2025
Ezhou Airport is a large, dedicated cargo airport which mainly caters to the operation of transit shipments and traditional air freight transportation.
SF Express, which is the second largest courier in China after China Post, currently operates a fleet of 40 Boeing 737, 757 and 767 freighters and it recently bought another two Boeing 747s online. In the first half of the year, total air cargo volume reached 514,000 tonnes, accounting for more than 20% of domestic total.
SF said that construction of the new facilities at Ezhou Airport is expected to start right away and it expects to handle 2.5m tonnes of cargo annually by 2025.
Nol van Fenema
Write a comment