Jet Air to increase holding in freight forwarder to 45pc

Jet Air International Group says it has struck a deal with Shanghai Haigang Industrial Co to buy 19 per cent of Shanghai Jin Hai Jet Air International Forwarding Co (JHJ) for $22.8 million.

The purchase will boost its holding in the Sino-foreign joint venture, which is involved in air and sea freight forwarding, to 45 per cent.

JHJ made a profit after tax and extraordinary items of 3.29 million yuan (about HK$3.05 million) in the year to last December 31.

Jet Air said in view of JHJ's track record, it expected the increased stake to have a positive effect on the earnings and financial position of the group.