Cathay Pacific Airways will repurchase Qatar Airways' entire 9.57 percent stake in the company for HK$6.97 billion, pending approval from independent shareholders.
The Hong Kong carrier announced Wednesday that both airlines have entered into an undertaking for the share buy-back, which represents approximately 9.57 percent of Cathay's total issued shares.
Cathay Group Chair Patrick Healy said the buy-back demonstrates "strong confidence in the future of the Cathay Group" and commitment to developing Hong Kong's international aviation hub. He acknowledged Qatar Airways' "unwavering support over the years" and noted the partnership would continue through the oneworld Alliance.
Qatar Airways Group CEO Engr. Badr Mohammed Al-Meer described the move as part of a "disciplined approach to portfolio management" following record profitability. He emphasized the airline remains "fully committed to serving" Hong Kong through flights and codeshare agreements.
The transaction requires approval from Cathay's independent shareholders at an extraordinary general meeting. Cathay has invested over HK$100 billion in fleet, cabin products and digital initiatives as part of its hub development strategy.
