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Daily Archives: September 26, 2008

Zhao Xiao Hang named new CEO for Air Macau


by Kimberly Johans

Embattled local airline, Air Macau yesterday issued a statement farewelling outgoing CEO David Fei and appointing Zhao Xiao Hang as the new Chief Executive Officer.

Zhao previously held the position of Chairman of the board of directors for Air Macau as well as holding an executive director position within The China National Aviation Corporation (CNAC). Fei’s departure from the airline was due to financial turmoil reported by the Macau Daily Times, that began upon receiving a letter signed by none other than Zhao which stated that the airline had “fallen below half of the value of the company capital,” triggering commercial code article 206 (loss of half of capital). Article 206 of the Commercial Code states that when a company administration apprehend to have losses up to half of its capital, the body must propose that “the company be dissolved or that the capital be reduced, unless shareholders, within 60 days from the resolution that arises from such a proposal, pay amounts in money that replenish the assets to a measure equal to the value of the company capital”. MDTimes had reported that the airline had accumulated losses up to MOP 100 million just within May and June, following another MOP 100 million during the first quarter of this year. As such, Zhao had requested a meeting of shareholders “in order to have a resolution”. The shareholders of Air Macau comprise of Air China (51 percent), TAP Portugal (15 percent), STDM (14 percent), the Macau government and Eva Air. Despite contacting Air Macau for further information on their new CEO, none was forthcoming, with the airline simply stating that a press release would be sent in the near future and that the typhoon meant no one was available to speak with.

social housing c

The Housing Institute and other three bureaux yesterday jointly held a press conference announcing the construction of Court TN27 to be completed in 2011.