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Cathay Pacific Airways is planning to buy back shares held by Qatar Airways after the latter decided to exit its eight-year investment in the Hong Kong-based carrier.
According to a stock exchange filing, Cathay Pacific will buy back Qatar’s 9.57 per cent stake for HK$6.97 billion ($896 million). The transaction will require approval from at least 75 per cent of Cathay’s shareholders.
Qatar Airways had acquired the stake in late 2017 as part of its broader strategy to invest in global airlines, including British Airways parent IAG SA and Latam Airlines Group SA.
The move marked the first investment by a Middle Eastern airline in an East Asian carrier, making Qatar Airways Cathay’s third-largest shareholder at the time.
Cathay Pacific is buying the shares from Qatar Airways at about a 35 per cent premium to the price Qatar originally paid.
The Hong Kong-based airline plans to finance the transaction using its internal funds and existing credit facilities.
Following the transaction, Cathay’s publicly traded shareholding will decline to around 20.53 per cent, falling below the minimum required 25 per cent, the company announced.
However, the Hong Kong Stock Exchange has granted Cathay a public float waiver, allowing for a reduced free float.