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Macau Asia Express-Macau's new airline set to take off 2006/01/25

                                                             

Providing affordable, value-added air transport services mainly in Asia

(Macau, 24 January 2006) – Macau Asia Express, a new airline based in Macau, is established today. The airline initially will fly to new destinations in China mainland and Asia and will offer passengers affordable flights and travel packages.  It will adopt a highly competitive cost model and is expected to undertake its first commercial flight 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 (“Air Macau”) and 49% by ST-CNAC.  ST-CNAC are the wholly-owned subsidiaries of Groupax Limited (“Groupax”), a joint venture between Shun Tak Holdings Limited (“Shun Tak Holdings”) and China National Aviation Company Limited (“CNAC Ltd”), 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. "

Mr. Gu continued, “Air Macau and Macau Asia Express will work together to enhance the overall volume of air traffic into Macau and contribute to developing Macau as a major tourist destination in Asia.” 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 mainland 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.

Ms. Pansy Ho, Managing Director of Shun Tak Holdings Ltd, remarked, “Under the competitive advantages of the 3 partners, we will be building the new carrier upon the business model of a low-cost carrier, with the added edge of extending value-bundled packages to travelers that translate into increased savings.  With the synergized efforts from CNAC, Air Macau and Shun Tak, we hope to be the driving force behind the city’s sustained growth.”

 

Macau Asia Express will be managed by an independent professional team qualified to world-class standards with proven ability both in the airline and travel industries. Seven of its board positions will be held by Air Macau while Groupax will hold the remaining six.

 

 

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