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Cathay Pacific to buy back shares of Qatar Airways for $1.17b
Qatar Airways would sell all 643.07 million shares it held at (HK$10.8374).
Hong Kong’s Cathay Pacific Airways plans to buy back all of its shares owned by Qatar Airways for $1.17b (HK$6.96b) after the latter said it wanted to sell its 9.57% stake.
Cathay said that Qatar Airways would sell all 643.07 million shares it held at $1.82 (HK$10.8374) each, subject to Cathay’s independent shareholders’ approval.
Fund for the deal will be sourced internally and through existing credit lines, the group said.
Upon approval, controlling shareholder Swire Pacific’s stake in Cathay will rise to 47.69% whilst Air China’s stake will increase to 31.78%.
($1=HK$5.95)
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