Qatar Airways chief executive Akbar Al Baker confirmed the acquisition in a statement. “Qatar Airways is very pleased to complete its financial investment in Cathay Pacific,” Al Baker said.
Qatar Airways has agreed to acquire a 9.6% stake, worth US$662 million, in Cathay Pacific Airways.
The purchase from Hong Kong-based Kingboard Chemical Holdings Ltd. and its associates is the first by the Middle Eastern airline in an Asian carrier, Bloomberg reports.
Qatar Airways chief executive Akbar Al Baker confirmed the acquisition in a statement. “Qatar Airways is very pleased to complete its financial investment in Cathay Pacific,” Al Baker said.
Qatar has a 20% stake in British Airways parent IAG SA. It also has 10% of Latam Airlines Group SA, the biggest South American carrier, and plans to take a 49% stake in Italian operator Meridiana SpA.
Cathay Pacific recently filed a January 2017 to June 2017 loss of US$262 (HK$2.05 billion) million with the Hong Kong Stock Exchange, revealing the airline’s first interim loss since 2012.
“Fundamental structural changes within the airline industry continue to affect the operating environment for our airlines and created difficult operating conditions in the first half of 2017,” said John Slosar, chairman of Cathay Pacific.