BIZCHINA / Biz Media Digest |
Aviation: Taiwan's China Airlines to buy stake in Taikoo(Reuters)Updated: 2007-06-13 16:15 Taiwan's largest carrier, China Airlines Corp., will pay US$1.1 million for an 8 percent stake in Taikoo (Xiamen) Landing Gear Services Co Ltd, a mainland firm that services landing gear for aircraft, the company said on Wednesday. The cross-Strait investment is the latest in a small but significant series by the Taiwan airline which, like rival EVA Airways, is building a presence in the Chinese mainland in anticipation that it may be able to offer regular flights to the mainland in the future. China Airlines will purchase the stake in Taikoo (Xiamen) Landing Gear Services Co Ltd via an unnamed subsidiary, according to a statement posted on the Taiwan Stock Exchange. Hong Kong Aircraft Engineering Co. Ltd. (HAECO) holds a 50.2 percent stake of Taikoo. The stake was bought from HAECO, Taikoo (Xiamen) Aircraft Engineering Co Ltd, Xiamen Aviation Industry Co Ltd, Cathay Pacific Airways Ltd and Japan Airlines International Co Ltd, China Airlines said, without providing details. The purchase was subject to approval by relevant authorities, the company said. (For more biz stories, please visit Industry Updates) |