Cathay Pacific Airways Set to Repurchase Qatar Airways' Full Stake
Cathay Pacific Airways is moving forward with plans to repurchase all shares held by Qatar Airways.
Cathay Pacific Airways Set to Repurchase Qatar Airways’ Full Stake
Cathay Pacific Airways Limited and Qatar Airways QCSC announced on November 5 that Qatar Airways is entering into an agreement to fully buy back shares from Cathay Pacific. This move aligns with Cathay’s plans to acquire all of Qatar Airways’ current shareholding in its operations.
Financial Details
The total consideration for this buy-back amounts to HK$6,969,273,804. Qatar Airways holds about 9.57 percent of the total shares of Cathay.
Statements from Leadership
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Patrick Healy, Chair of Cathay Group, stated:
“The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to developing Hong Kong into a global aviation hub.” (Translation: This repurchase highlights our strong belief in Cathay’s future and shows our dedication to making Hong Kong a leading aviation center.)
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Badr Mohammed Al-Meer, CEO of Qatar Airways, remarked:
“This agreement represents a disciplined approach to portfolio management and our commitment to delivering sustainable value for our shareholders.” (Translation: This deal emphasizes our careful management of investments and our goal to create long-term shareholder value.)
Next Steps
The execution of this agreement is contingent upon approval from Cathay’s independent shareholders at an Extraordinary General Meeting (EGM).
