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Rebuffed by American Airlines, Qatar Airways buys into Cathay Pacific

6 Nov 2017 21:00:31

todayonline.com

Qatar Airways has broadened its global reach by purchasing a 9.61 percent stake in Cathay Pacific <0293.HK> ;, adding another strategic investor to the Hong Kong carrier's complicated share register at a time when it is looking to cut costs.

Hong Kong's Kingboard Chemical Holdings <0148.HK> said it had sold the stake to Qatar Airways for HK$5.16 billion ($661 million), making the Middle Eastern carrier the third-largest shareholder in Cathay.


For Cathay, the Qatar stake will give it a third strategic shareholder behind Swire Pacific Ltd <0019.HK> and Air China Ltd <601111.SS> ;, potentially complicating a restructuring plan aimed at slashing HK$4 billion in costs over three years.


Read full story: todayonline.com

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