Hong Kong’s Oasis dries up
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Budget carrier Oasis Hong Kong Airlines said it had stopped flights and would go into liquidation after just 17 months, a victim of high fuel prices and stiff competition.
Shanghai Daily reported that the airline, which had said last year that it would go public on the Hong Kong stock market by late 2009, was looking for investors to rescue it.
The paper quoted speculation that Cathay Pacific might make a pitch but a spokeswoman had declined to comment.
The paper also quoted sources as saying that Hainan Airlines’ parent HNA Group might be a contender might to gain a foothold in the Hong Kong market.
Oasis launched flights in October 2006. But quoting local papers, Shanghai Daily said it has chalked up losses of about HK$1bilion (US$128 million) over two years of operations.
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