Qatar Airways To Acquire Cathay Pacific Stocks

Qatar Airways To Acquire Cathay Pacific Stocks

Qatar Airways To Acquire Cathay Pacific Stocks. Qatar Airways has reached an agreement to buy about 10 percent of Cathay Pacific.

The Middle East operator will buy 378.2 million shares of Kingboard Chemical, Kingboard Investments and Kingboard Laminates for HK $ 5.16 billion ($ 661 million). This represents 9.61% of Cathay's shares.

The agreement is expected to close on Monday, November 6. In a disclosure of the Hong Kong stock exchange, Kingboard Chemicals says the group is primarily engaged in the manufacture and sale of products, including chemicals, laminates, printed circuit boards, and that Cathay shares are an investment.

He expects a profit of HK $ 800 million from the sale and plans to use the proceeds for his working capital and other investment opportunities.

On the other hand, Qatar Airways executive director Akbar Al Baker says: "Qatar Airways is very pleased to complete its financial investment in Cathay Pacific, Cathay Pacific is a member of Oneworld and is one of the strongest airlines in the world, respected in all the potential industry for the future. "

Qatar adds that the investment "further supports" the airline's investment strategy. This already includes a 20% stake in International Airlines Group, 10% in LATAM Airlines Group and 49% in Meridiana.

In a statement, Cathay says that Air China and Swire Pacific continue to have a 74.9% stake in the airline.

Chief Executive Rupert Hogg adds: "Qatar Airways is one of the leading airlines in the world, and we are already working closely as members of the Oneworld alliance and we look forward to a continuous constructive relationship."