10th Apr 2006 16:58
Air China Ld10 April 2006 The Stock Exchange of Hong Kong Limited takes no responsibility for the contentsof this announcement, makes no representation as to its accuracy or completenessand expressly disclaims any liability whatsoever for any loss howsoever arisingfrom or in reliance upon the whole or any part of the contents of thisannouncement. AIR CHINA LIMITED(a joint stock limited company incorporated in the People'sRepublic of China with limited liability)(Stock Code: 753) CATHAY PACIFIC AIRWAYS LIMITED(Incorporated in Hong Kong with limited liability)(Stock Code: 293) CHINA NATIONAL AVIATION COMPANY LIMITED(Incorporated in Hong Kong with limited liability)(Stock Code: 1110) CITIC PACIFIC LIMITED(Incorporated in Hong Kong with limited liability)(Stock Code: 267) SWIRE PACIFIC LIMITED(Incorporated in Hong Kong with limited liability)(Stock Codes: 19 and 87) Joint Announcement This announcement is made under Listing Rule 13.09 at the request of the StockExchange following certain reports in the media. Air China, Cathay Pacific,CNAC, CITIC Pacific and Swire Pacific confirm that discussions are taking placeabout operational cooperation between Cathay Pacific and Air China and about therealignment of shareholdings in Cathay Pacific, Air China and Dragonair. However, there is no agreement or arrangement which is discloseable under theListing Rules. In particular, Swire Pacific intends to remain the principalshareholder in Cathay Pacific in the long term; Air China understands CNAHCintends to remain the controlling shareholder of Air China in the long term;although CITIC Pacific may reduce its interest in Cathay Pacific, it intends toremain in the long term a significant shareholder in Cathay Pacific; and AirChina has no current intention to privatise CNAC. This joint announcement is made under Listing Rule 13.09 at the request of theStock Exchange following certain reports in the media. Air China, CathayPacific, CNAC, CITIC Pacific and Swire Pacific confirm that discussions aretaking place about operational cooperation between Cathay Pacific and Air Chinaand about the realignment of shareholdings in Cathay Pacific, Air China andDragonair. However, there is no agreement or arrangement which is discloseableunder the Listing Rules. In particular, Swire Pacific intends to remain theprincipal shareholder in Cathay Pacific in the long term; Air China understandsCNAHC intends to remain the controlling shareholder of Air China in the longterm; although CITIC Pacific may reduce its interest in Cathay Pacific, itintends to remain in the long term a significant shareholder in Cathay Pacific;and Air China has no current intention to privatise CNAC. The discussions between Air China and Cathay Pacific about operationalcooperation are designed to strengthen cooperation between them in variousbusiness and operational areas. It is intended that Dragonair is to maintainits brand and identity and that it will remain a principal airline in the HongKong and China mainland aviation markets. In the meantime, shareholders of and potential investors in Air China, CathayPacific, CNAC, CITIC Pacific and Swire Pacific are recommended to exercisecaution when dealing in or investing in the shares of Air China, Cathay Pacific,CNAC, CITIC Pacific and Swire Pacific. Definitions In this announcement, the following expressions have the meanings set out below,unless the context otherwise requires: "Air China" Air China Limited (Stock Code: 753), a company incorporated in the PRC with primary listing on the Stock Exchange and secondary listing on the Official List of the UK Listing Authority; "Cathay Pacific" Cathay Pacific Airways Limited (Stock Code: 293), a company incorporated in Hong Kong and listed on the Stock Exchange; "CITIC Pacific" CITIC Pacific Limited (Stock Code: 267), a company incorporated in Hong Kong and listed on the Stock Exchange; "CNAC" China National Aviation Company Limited (Stock Code: 1110), a company incorporated in Hong Kong and listed on the Stock Exchange; "CNAHC" China National Aviation Holding Company; "Dragonair" Hong Kong Dragon Airlines Limited, a company incorporated in Hong Kong and an airline based in Hong Kong; "Listing Rules" Rules Governing the Listing of Securities on the Stock Exchange; "PRC" People's Republic of China; "Stock Exchange" The Stock Exchange of Hong Kong Limited; "Swire Pacific" Swire Pacific Limited (Stock Codes: 19 and 87), a company incorporated in Hong Kong and listed on the Stock Exchange. Directors As at the date of this announcement, the directors of Air China are: Executive Directors: Li Jiaxiang (Chairman), Kong Dong, Wang Shixiang, YaoWeiting, Ma Xulun, Cai Jianjiang, Fan Cheng; andIndependent Non-Executive Directors: Hu Hung Lick, Henry, Wu Zhipan and ZhangKe. As at the date of this announcement, the directors of Cathay Pacific are: Executive Directors: Christopher Pratt (Chairman), Robert Atkinson, PhilipChen, Derek Cridland and Tony Tyler;Non-Executive Directors: Martin Cubbon, Henry Fan, James Hughes-Hallett, VernonMoore, Carl Yung and Zhang Xianlin; andIndependent Non-Executive Directors: Peter Lee, Raymond Or, Jack So and TungChee Chen. As at the date of this announcement, the directors of CNAC are: Executive Directors: Kong Dong (Chairman), Chuang Shi Ping, Zhang Xianlin, ZhaoXiaohang, Tsang Hing Kwong, Thomas and Gu Tiefei; andIndependent Non-Executive Directors: Lok Kung Nam, Hu Hung Lik, Henry, Ho TsuKwok, Charles, Li Kwok Heem, John and Chan Ching Har, Eliza. As at the date of this announcement, the directors of CITIC Pacific are: Executive Directors: Larry Yung Chi Kin (Chairman), Henry Fan Hung Ling, PeterLee Chung Hing, Norman Yuen Kee Tong, Vernon Francis Moore, Li Shilin, Carl YungMing Jie, Liu Jifu, Leslie Chang Li Hsien, Chau Chi Yin, Milton Law Ming To andWang Ande; Non-Executive Directors: Willie Chang, Andre Desmarais and Peter Kruyt(alternate director to Andre Desmarais); Independent Non-Executive Directors: Hamilton Ho Hau Hay, Alexander ReidHamilton, Hansen Loh Chung Hon and Norman Ho Hau Chong. As at the date of this announcement, the directors of Swire Pacific are: Executive Directors: Christopher Pratt (Chairman), Philip Chen, Martin Cubbon,Davy Ho and Keith Kerr; Non-Executive Directors: Baroness Dunn, James Hughes-Hallett, Peter Johansenand Sir Adrian Swire; and Independent Non-Executive Directors: Clement Kwok, Chien Lee, Marjorie Yang,Michael Sze and Vincent Cheng. By Order of the Board By Order of the Board Air China Limited Cathay Pacific Airways LimitedZheng Baoan Li Man Kit David FuJoint Company Secretaries Company SecretaryBeijing, 10th April 2006 Hong Kong, 10th April 2006 By Order of the Board By Order of the Board China National Aviation Company Limited CITIC Pacific LimitedLi Man Kit Alice Tso Mun WaiCompany Secretary Company SecretaryHong Kong, 10th April 2006 Hong Kong, 10th April 2006 By Order of the Board Swire Pacific LimitedDavid FuCompany SecretaryHong Kong, 10th April 2006 Please refer to the published version of this announcement in South ChinaMorning Post and The Standard. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Air China