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Cathay Pacific Airways (HK:0293) announced that it will repurchase all shares held by Qatar Airways for HK$6.97 billion (US$896.4 million) in an off-market transaction, marking a major strategic move for the Hong Kong flag carrier. The buyback involves 643 million shares—representing approximately 9.6% of Cathay’s issued capital—at a price of HK$10.8374 per share. The deal reflects a 3.9% discount compared to Cathay Pacific’s last closing price of HK$11.28.
Following the announcement, Cathay Pacific shares climbed 3% to HK$11.62 on Thursday, reaching their highest level since early August. The airline said the transaction was initiated after Qatar Airways expressed its intention to fully divest its stake in the company. The buyback will be subject to approval from at least 75% of independent shareholders at an upcoming extraordinary general meeting (EGM).
Cathay Pacific plans to fund the repurchase using internal resources and existing credit facilities, signaling strong financial stability and confidence in its long-term growth prospects. Once the transaction is finalized, Swire Pacific’s (HK:0019) shareholding in Cathay will rise to 47.69%, while Air China (HK:0753) will see its stake increase to 31.78%.
This buyback marks the end of Qatar Airways’ six-year partnership with Cathay Pacific, which began when the Middle Eastern airline first acquired its minority stake in 2017. Analysts view the move as a step toward strengthening Cathay’s control and operational flexibility amid a post-pandemic recovery in the aviation industry. The repurchase also reflects management’s confidence in the company’s financial outlook and its ability to deliver long-term value for shareholders.
