Qatar Airways to acquire 9.61% Cathay Pacific stake
07 Nov 2017 - 9:00
Qatar Airways announced yesterday that it has entered into an agreement to purchase an amount of 378,188,000 shares of Cathay Pacific Airways Ltd (Cathay Pacific), being approximately 9.61% of the total issued share capital. Completion of the transaction is to take place later today in Hong Kong.
Investment in Cathay Pacific further supports Qatar Airways investment strategy which already includes 20% investment in International Airlines Group (IAG), 10% investment in LATAM Airlines Group and 49% investment in Meridiana said the company in statement.
Group Chief Executive Akbar Al Baker praised this financial investment in Cathay Pacific which is a fellow Oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future.
Qatar Airways, the national carrier of Qatar, is celebrating 20 years of Going Places Together with travellers across its more than 150 business and leisure destinations. The world’s fastest-growing airline will add a number of exciting new destinations to its growing network in 2017/18, including St. Petersburg, Russia; Chiang Mai, Thailand; Canberra, Australia and many more, flying passengers on board its modern fleet of more than 200 aircraft.
Cathay Pacific Airways is a Hong Kong-based airline offering scheduled passenger and cargo services to more than 180 destinations in Asia, North America, Australia, Europe and Africa, using a fleet of 140 wide-body aircraft. The airline offers exceptional service and world-beating products on the ground and in the air - including its multiple award-winning long-haul Business Class.