Cargolux increases share capital

by Press Release on 2014-04-23 23:09:57

HNCA joins as new shareholder

Luxembourg, 23 April 2014. Cargolux Airlines International S.A. today announced that an Extraordinary General Meeting of the company’s shareholders has resolved to increase the share capital of the airline by US$ 175 million in cash in exchange of newly issued common shares.

‘The share capital increase is another important milestone in securing our growth plans and the expansion of the Cargolux fleet. It significantly improves our resilience against any future industry downturns and strengthens our balance sheet’, said Dirk Reich, President and Chief Executive Officer.

In addition, the airline has announced the closing of the 35% share sale transaction between the Luxembourg State and Henan Civil Aviation and Investment Co. Ltd., (HNCA), which leads to the following share ownership structure, effective 23 March, 2014:

Luxair: 35.10%
HNCA: 35.00%
Banque et Caisse d’Epargne de l’Etat (BCEE): 10.91%
Société Nationale de Crédit et d’Investissement (SNCI): 10.67%
The Grand-Duchy of Luxembourg: 8.32%

Cargolux will take delivery of another five Boeing 747-8 freighters until the end of 2017 that will be used to further expand the airline’s global network and improve its position in the global air freight market.

About Cargolux Airlines International
Cargolux, based in Luxembourg, is Europe’s leading all-cargo airline with a modern and efficient fleet composed of 9 Boeing 747-8 freighters and 11 Boeing 747-400 freighters. The Cargolux worldwide network covers 90 destinations, 60 of which are served on scheduled all-cargo flights. The company has more than 85 offices in over 50 countries, and also offers an extensive global trucking network to more than 250 destinations as well as charter and aircraft maintenance services. Cargolux employs over 1,500 staff worldwide