New Airline - Macau Asia Express - is born in Macau

Macau Asia Express, a new airline based in Macau, was established Tuesday. The airline initially will fly to new destinations in China and Asia  with its first commercial flight expected in the fourth quarter of 2006.

The initial funding for the registered and working capital of Macau Asia Express is US$30 million (equivalent to approximately HK$234 million and MOP$241 million). The new airline will be owned 51% by Air Macau Company Limited and 49% by ST-CNAC. ST-CNAC are the wholly-owned subsidiaries of Groupax Limited, a joint venture between Shun Tak Holdings Limited and China National Aviation Company Limited (CNAC), with a 64% and a 36% interest respectively.

Mr. Gu Tiefei, Chairman of Air Macau and Executive Director of CNAC Ltd said, “The move is a direct response to changing customer needs in Asia. Shun Tak is noted for its comprehensive and quality tourism-related services. Our partnership will integrate the know-how of airline operations with the alignment of tourist resources such as hotels, casinos and ferry services. This will enable Macau Asia Express to benefit from the booming economy in Macau as a result of her emergence as the leisure and entertainment hub in the Pearl River Delta Region.”

The Macau flag carrier with a 25-year exclusive right will bestow its operational rights upon Macau Asia Express to enable the new carrier to fly initially to new destinations within China and Asia. It will also support the Macau Asia Express to obtain formal approval by the Macau authorities for the grant of the Sub-Concession to the new carrier.

Macau Asia Express will be managed by an independent professional team with seven of its board positions be held by Air Macau while Groupax will hold the remaining six.

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