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The top shareholder in Taiwan's biggest commercial carrier, China Airlines, said yesterday it plans to sell between a 20 percent and 30 percent stake in the airline by the end of June.
The shareholder, the China Aviation Development Foundation, currently has a stake of 71 percent.
The sale would be part of government efforts to privatize the airline before the end of the year, foundation chief secretary Lin Chun-cheng said.
Stalled efforts to reduce the foundation's management control were revived after a China Airlines jet crashed en route to Hong Kong from Taipei last May, killing all 225 people aboard.
Following the crash, the airlines' 10th fatal accident since 1970, Taiwan officials pledged to privatize the carrier within two years.
The foundation's ultimate plan is to lower its stake in China Airlines to below 35 percent and pull out of the airline's management before the end of the year, insiders said.
Officials also disclosed that the foundation's board will select a financial adviser for the sale before the end of March.
(eastday.com February 20, 2003)
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