Qatar Airways confirms Cargolux stake sale
Doha, January 13, 2013
Qatar Airways has sold its entire 35 percent stake in freight-only airline Cargolux, the chief executive of Qatar Airways confirmed on Sunday.
"We sold our stake back to the Luxembourg authorities. We are not anymore a shareholder in Cargolux as of Jan. 1 this year," Akbar Al-Baker told reporters at an event in Doha.
"We sold the entire stake. I think the Luxembourg government thought that as it is a national carrier, they would like the 100 percent stake."
A spokeswoman for the Luxembourg state had said on December 19 that Luxembourg had taken back a stake in Cargolux from Qatar Airways with the intention of selling it on soon. Luxembourg sold the 35 percent stake to Qatar Airways last year, and bought it back for the original sale price of $117.5 million.
Luxembourg has said it is in talks with a number of potential buyers for the stake.
The Luxembourg government and other groups took over Swissair Group's 33.7 percent stake in privately held Cargolux as a temporary measure at the end of 2009 after the Swiss airline went into liquidation.
Cargolux's other shareholders include Luxembourg airline Luxair (43.4 percent) and state-owned Luxembourg banks BCEE (10.9 percent) and SNCI (10.7 percent). -Reuters
More Industry, Logistics & Shipping Stories
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo