CATHAY PAC AIR Shares Rise Over 4% in Morning Session Following Share Buyback Approval

Stock News02-24 10:06

CATHAY PAC AIR (00293) gained more than 4% in early trading. At the time of writing, the stock was up 3.97%, reaching HK$13.35, with a turnover of HK$118 million. The movement follows the approval of a resolution at a special shareholders' meeting to repurchase all shares held by Qatar Airways, with 99.9968% of votes in favor. Last November, CATHAY PAC AIR announced it would sign a repurchase agreement with Qatar Airways to buy back the latter's entire stake, representing approximately 9.57% of the company's issued share capital, for a total consideration of HK$6.969 billion. According to a filing with the Hong Kong Stock Exchange, on February 12, Cathay Pacific Airways Limited acquired 643 million ordinary shares of CATHAY PAC AIR at an average price of HK$10.8374 per share, amounting to roughly HK$6.969 billion. Following this transaction, Cathay Pacific Airways Limited's shareholding increased to 643 million shares, raising its long position from 0.00% to 9.56%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment