Cathay Pacific Airways announced that it will buy back all of its shares held by Qatar Airways.
Qatar Airways currently holds about 9.57% of Cathay Pacific’s outstanding shares. The total consideration amounts to approximately HKD 6.9 billion. The transaction will also require approval at Cathay Pacific’s extraordinary general meeting of shareholders, among other conditions.
Patrick Healy, Chairman of the Cathay Group, commented, “This share buyback reflects our strong confidence in the Cathay Group’s future and underscores our commitment to the development of Hong Kong as an international aviation hub. Together with more than HKD 100 billion in investment in fleet, cabin and lounge services, and digital leadership, we are focused on the sustainable growth of our business, strengthening Hong Kong’s position as a world-class aviation hub, and contributing to the prosperity of the entire Guangdong–Hong Kong–Macao Greater Bay Area. We are grateful to Qatar Airways for its steadfast support over many years. We look forward to continuing our close partnership through our oneworld alliance relationship. We also appreciate the continued support of our shareholders Swire Pacific and Air China.”
Badr Mohammed Al-Meer, Group Chief Executive Officer (CEO) of Qatar Airways, commented, “This agreement reflects the Qatar Airways Group’s disciplined approach to portfolio management and our commitment to delivering sustainable value to our shareholders. Following record profitability and strong performance, this decision is part of a proactive strategy to optimize our investments and position the Group for long-term growth. While adjusting our equity holdings, we look forward to continuing our cooperation with Cathay Pacific through the oneworld alliance and continuing to deliver the benefits of enhanced connectivity and choice to our passengers. Hong Kong remains an important market for Qatar Airways, and we remain fully committed to serving Hong Kong through our flights and codeshare agreements, providing travelers with a seamless, world-class experience that reflects the highest standards of quality, service, and innovation.”
