Cheung Kong denies rumored move to buy defunct Oasis Hong Kong Airlines

Tags :China, Oasis Hong Kong


HONG KONG (XFN-ASIA) - Cheung Kong (Holdings) Ltd said it has no plans to buy collapsed budget carrier Oasis Hong Kong Airlines Ltd, contrary to media reports.

"Cheung Kong has not made any offer to purchase Oasis and is not exploring the matter," chief corporate affairs officer Wendy Tong Barnes said in a statement.

Oasis ceased operations last Wednesday and applied for provisional liquidation the same day after 18 months of operations.

The company's founders said the soaring cost of fuel and a decision to buy aircraft instead of renting them led to the demise of the budget carrier.

Rumors that Cheung Kong would buy Oasis have been circulating since the carrier went broke.

According to media reports, Cheung Kong had loaned an unspecified amount of money to officials of Oasis.

Cheung Kong's deputy chairman Victor Li is said to be a close friend of Oasis founders Raymond and Priscilla Lee and to have loaned the couple some 2 mln usd of his personal funds to help set up Oasis.

(c) Centre for Asia Pacific Aviation. Date posted: 16-Apr-08.

Other Oasis Hong Kong News

• oneworld now offers domestic flights in a fourth South American country
• Hong Kong budget airline Oasis formally wound up
• Hong Kong budget airline Oasis has flight licences revoked
• Cheung Kong denies rumored move to buy defunct Oasis Hong Kong Airlines
• Asian budget carriers face challenges after Oasis collapse
• Oasis Hong Kong Airlines Limited (Provisional Liquidators Appointed) Update on Crew Members Returning Home
• Hong Kong's Oasis founders say oil spike, cost of planes led to collapse
• Oasis Hong Kong chairman derails Hainan Airlines parent's rescue bid - report
• Hong Kong's Value Partners hopes to recoup Oasis investment despite liquidation
• Hong Kong budget airline Oasis in liquidation - UPDATE

Show All Oasis Hong Kong News...