The share buy-back remains subject to
approval by Cathay’s independent shareholders
Cathay Pacific Airways Limited (“Cathay”) and Qatar Airways Q.C.S.C (“Qatar
Airways”) today announced that Qatar Airways has entered into an undertaking in
favour of Cathay to execute a buy-back agreement pursuant to which Cathay will
buy back all of Qatar Airways’ shareholding in Cathay. Qatar Airways’ shareholding
in Cathay represents approximately 9.57% of the total issued shares of Cathay.
The total consideration for the buy-back is HK$6,969,273,804.
Execution of the buy-back agreement by Cathay is subject to certain conditions,
including Cathay obtaining approval from its independent shareholders at an
Extraordinary General Meeting (EGM).
1Cathay Group Chair Patrick Healy said: “The buy-back reflects our strong
confidence in the future of the Cathay Group and underscores our commitment to
the development of the Hong Kong international aviation hub. Together with our
investment of well over HK$100 billion into our fleet, cabin and lounge products,
and digital leadership, we are firmly focused on sustainably growing our business
to strengthen Hong Kong’s status as a world-class aviation hub and contribute to
the prosperity of the wider Greater Bay Area. I would like to extend my gratitude to
Qatar Airways for their unwavering support over the years, and I look forward to
continuing our close partnership through the oneworld Alliance relationship. I
would also like to thank our shareholders, Swire Pacific and Air China, for their
continued trust and support.”
Qatar Airways Group Chief Executive Officer Engr. Badr Mohammed Al-Meer said:
“This agreement reflects Qatar Airways Group’s disciplined approach to portfolio
management and our commitment to delivering sustainable value for our
shareholders. Following a period of record profitability and strong performance,
this decision is part of a proactive strategy to optimise our investments and
position the group for long-term growth. While we adjust our shareholding, we look
forward to continuing our collaboration with Cathay through the oneworld Alliance
to continue delivering benefits that enhance connectivity and choice for our
passengers. Hong Kong remains an important market to Qatar Airways, and we
remain fully committed to serving it through our flights and codeshare agreements,
offering travellers a seamless and world-class experience that reflects the highest
standards of quality, service and innovation.”
www.cathaypacific.com
