Cargojet receives approval to increase foreign ownership
April 6, 2020 By Wings Staff
Cargojet Inc. on April 1 announced it received approval from the Ontario Superior Court of Justice to increase its foreign ownership levels.
The Mississauga-based company, which carriers more than 8 million pounds of cargo each week, announced its plans in late February 2020 based on amendments made to the Canada Transportation Act back in 2018 – aimed at spurring investment and growth in Canadian aviation.
Before the CTA amendments, no more than 25% of the voting interests of a Canadian air carrier could be owned or controlled by non-Canadians. The new permitted level of foreign ownership of Canadian air carriers was then increased to 49%, while also capping voting control of a single non-Canadian at 25%.
With a fleet of 36 aircraft, Cargojet operates its network across North America each business night serving 15 major cities and selected international destinations.