China support of Air Macau not confirmed
Wednesday, 16 July 2008 News from China indicates that David Fei, the company's CEO, did not get the full support Air Macau’s Sunday statement made believe.
The online edition of Air Transport World, a monthly magazine specialising in aviation, yesterday quoted Air China’s Board Secretary Huang Bin acknowledging “Air Macau's request for help”.
Huang said “CA will determine a solution with other NX [Air Macau] stakeholders, including TAP Portugal's SEAP investment fund (15 percent), casino company Sociedade de Turismo e Diversoes de Macau (14 percent), the Macau government and EVA Air. CA holds a 51 percent stake”.
The company statement said Air Macau has reached a strategic cooperation agreement with CA and that aid will be extended soon.
Air China had singed several cooperative agreements with Air Macau, the announcement said, and it will start special support to its subsidiary in the near future. But insiders pointed out that the assets of Air Macau were less than 5 percent of Air China's, according to Trading Markets.
The airline has not contributed much to the parent company's profits in these past years, Trading Markets added.
According to other media reports, Air China is believed to have sent letters to other shareholders calling for a meeting to address the financial stringency caused by high fuel costs. Air China is expected to buy out shareholders who are reluctant to commit further funds to the troubled carrier.