Freight airline Cargolux plans to go to the stock exchange later this year, with the aim of raising $100-$150 million to help fund the expansion of its fleet from seven to 12 Boeing 747-400Fs by 2002.
The Luxembourg carrier's vice-president for strategy, Lucien Schummer, says the cash will be raised through an expansion by 25-30% of its share capital. Details of the offering have not been finalised, but will be made through the Luxembourg bourse and, possibly, one other major exchange.
Luxair and Swissair, which each have about a one-third stake in the carrier, will see their holdings diluted to about 25% each. Another 33% is held by three state banks.
Cargolux performed well last year, with net profits of $92 million on revenues of $578 million. Its aircraft utilisation is among the highest in the industry - its 747-400Fs spend an average of 15.96h a day in the air. The carrier will take delivery of the world's first -400F simulator later this year.
Source: Flight International
