US EditionQatar Airways to sell its holdings in Hong Kong’s Cathay Pacific for $896 million
Cathay Pacific to repurchase Qatar Airways' 9.57% stake for HK$6.96 billion, increasing Swire Pacific's holding to 47.69%, reflecting confidence in Hong Kong aviation.
- On Wednesday, Cathay Pacific said it will buy back Qatar Airways' entire 9.7% stake for HK$6.96 billion after the Doha-based carrier approached it to sell all 643.07 million shares, subject to shareholder approval.
- The CEO Badr Mohammed Al-Meer said Qatar Airways’s exit reflects a disciplined portfolio strategy following strong results, including investments in global airlines like IAG and LATAM.
- Cathay will repurchase the shares at HK$10.8374 per share, roughly a 4% discount to Wednesday's close, and plans to fund the buyback with internal resources and existing credit lines.
- If approved, the buyback will boost controlling stakes as Swire Pacific and Air China rise to 47.7% and 37.8%, while Cathay plans an HK$100 billion investment over seven years.
- Qatar has a history of investing in global carriers; earlier this year it bought a 25% stake in Virgin Australia and is finalising a 49% investment in RwandAir, marking its complete exit from Cathay after eight years.
37 Articles
37 Articles
Qatar Airways to sell all of its HK$6.96b Cathay Pacific stake
Cathay Pacific has said it plans to buy back all of its shares owned by Doha-headquartered Qatar Airways worth HK$6.96 billion (US$896 million), ending the two carriers’ eight-year shareholding relationship. Cathay Pacific airplanes. Photo: GovHK. The airline’s stake in Hong Kong bounced more than 4.0 percent at HK$11.7 each on Thursday, a day after the exit was announced. “The buyback reflects our strong confidence in the future of the Cathay G…
Qatar Airways exits Cathay Pacific with $897 million stake sale
State-owned Qatar Airways has decided to sell its entire stake in Cathay Pacific Airways (0293.HK) for about $897 million (HK$6.97 billion), marking its complete exit from Hong Kong's flagship airline after eight years. Cathay said late on Wednesday that the Doha-based carrier had approached it about selling its entire 9.7% stake, and it would repurchase the shareholding through a buyback at HK$10.8374 per share, roughly a 4% discount to its las…
Qatar Airways to sell its shares in Hong Kong's Cathay Pacific for USD 896 million
Dubai: 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 …
Associated Press News
Qatar Airways to sell its holdings in Hong Kong's Cathay Pacific for $896 million
Qatar Airways says it will sell its stake in Cathay Pacific Airways for $896 million, ending an eight-year involvement with the Hong Kong-based airline.
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