Air Transport World

Cargo. (News Briefs).

DHL Worldwide Express acquired a 30% stake in Cathay Pacific Airways' wholly owned cargo airline subsidiary Air Hong Kong under an agreement to create an express cargo joint venture. Price of the stake was not disclosed, but last Feb. Cathay paid HK$194 million ($25 million) to acquire the 25% of AHK it didn't own from Stabilo Ltd., a subsidiary of Shun Tak Holdings. According to a statement released by Cathay and DHL, an investment of $300 million will be committed to the venture before 2004, allowing ARK to purchase a fleet of five "mid-range, widebody aircraft" that will be used to enhance DHL's network to the major cities in the Asia/Pacific region from AHK's base at Hong Kong International Airport. …

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