, Hong Kong
Photo from Cathay Pacific

Cathay buys back 50% of preference shares it issued to the gov’t

It plans to buy back the remaining shares by the end of July 2024.

Cathay Pacific has bought back 50% or $9.75b of the $19.5b preference shares it issued to the government as part of its recapitalisation financing in 2020.

The airline plans to buy back the remaining 50% by the end of July 2024, “subject to market conditions and its business operations at the relevant time.”

Apart from buying back 50% of the preference shares, Cathay said it will also continue to pay dividends on the remaining preference shares as they fall due.

Cathay has, so far, disbursed $1.97b in preference share dividends to the government.

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