Qatar Airways Acquires Stake in Cathay Pacific

Qatar Airways Acquires Stake in Cathay Pacific

Qatar Airways Acquires Stake in Cathay Pacific

Qatar Airways Q.C.S.C.is pleased to announce that it has entered into an agreement to purchase an amount of 378,188,000 shares of Cathay Pacific Airways Limited, being approximately 9.61 per cent of the total issued share capital.

Qatar's flag carrier had earlier announced an agreement to purchase 378,188,000 shares in Cathay Pacific Airways Limited, equivalent to approximately 9.6% of the total issued share capital, from Hong Kong-based Kingboard Chemical Holdings.

Cathay Pacific share fell 4.7% on Monday, as investors became concerned about the direction it was taking with Qatar on its registry.

The deal with Cathay Pacific also comes after Qatar Airways halted a bid in August to buy a 10 percent stake in American Airlines. In a statement regarding the sale, Cathay Pacific's CEO, Rupert Hogg, said, "We already work together closely as fellow members of the Oneworld alliance and we look forward to a continued constructive relationship".

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For state-owned Qatar Airways, its first major stake in an Asian airline will allow it to boost its global influence and potentially increase traffic through its Doha hub, amid the worst political crisis in years among the Gulf Arab states. Qatar owns slightly more than 20% of IAG, the parent of British Airways, Iberia, Aer Lingus, Vueling and Level; 10% of South America's LATAM Airlines Group; and 49% of Italian carrier Meridiana.

In a statement, the Hong Kong based airline said Air China and Swire Pacific would continue to hold almost 75% of its shares.

Doha-based Qatar Airways has taken a 6.9% stake in Cathay Pacific.

Further, the economic slowdown - both in China and elsewhere - had led to a significant reduction in premium corporate travel in business and first class, particularly on long-haul routes.

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