Qatar Airways will sell its stake in Hong Kong-based Cathay Pacific Airways in a share buyback valued at $896 million, the companies announced, ending the Qatari carrier’s eight-year involvement with the airline.
The announcement came late Wednesday in a stock market filing by Cathay Pacific, which saw its shares gain 4.2% on the Hong Kong Stock Exchange on Thursday.
Under the agreement, Qatar Airways will sell all of its holdings, which represent 9.57% of Cathay Pacific stock. The airline’s other major shareholders are Swire Pacific and Air China. The plan is subject to shareholder approval.
The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to the development of the Hong Kong international aviation hub,” Cathay Group chairman Patrick Healy said in a statement announcing the sale.
Qatar Airways, a state-owned airline flying out of the sprawling Hamad International Airport in Doha, did not acknowledge the sale itself. Howeve​Qatar Airways will sell its stake in Hong Kong-based Cathay Pacific Airways in a share buyback valued at $896 million, the companies announced, ending the Qatari carrier’s eight-year involvement with the airline.
The announcement came late Wednesday in a stock market filing by Cathay Pacific, which saw its shares gain 4.2% on the Hong Kong Stock Exchange on Thursday.
Under the agreement, Qatar Airways will sell all of its holdings, which represent 9.57% of Cathay Pacific stock. The airline’s other major shareholders are Swire Pacific and Air China. The plan is subject to shareholder approval.
The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to the development of the Hong Kong international aviation hub,” Cathay Group chairman Patrick Healy said in a statement announcing the sale.
Qatar Airways, a state-owned airline flying out of the sprawling Hamad International Airport in Doha, did not acknowledge the sale itself. Howeve ​Latest News [ SOBAN NEWS: International and National ]
