Uni-top Airlines aquires majority Grandstar Cargo stake for $0.16

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More than a year after Uni-top Airlines, the private Chinese cargo carrier, expressed an interest in buying Lufthansa Cargo’s share of the ill-starred Jade International, comes the news that it has finally acquired a 51% stake in Grandstar Cargo.

And the price? Just a mere Rmb1, or $0.16. Uni-top, a wholly owned subsidiary of Uni-top Industrial Corp, acquired the stake from Sinotrans Air Transportation Development Co, a state-owned logistics group.

According to WCARN.com, at the end of last year Grandstar had losses ...