Cathay Pacific Group
Originally founded in 1946, Cathay Pacific is the de facto flag carrier of Hong Kong. It operates an extensive network of international passenger and cargo air services in conjunction with its subsidiary Cathay Dragon (formerly known as Dragonair) which operates as a regional branch of the airline serving cities across Asia. Cathay Dragon became a wholly owned subsidiary of Cathay Pacific in Sep-2006.
A founding member of the oneworld alliance, Cathay Pacific is headquartered on the grounds of Hong Kong International Airport and is listed on the Hong Kong Stock Exchange (SEHK: 0293). Its largest shareholder is Swire Pacific, a member of the Swire Group.
Cathay Pacific also retains shareholdings in number of airlines across Asia including:
- Air Hong Kong (60% JV, since 2002)
- Air China (18.13%, since 2006)
- Air China Cargo (49% JV, since 2011)
Cathay Pacific Group represents the airline plus all its associated airlines and investments.
On 27-Mar-2019, Cathay Pacific announced it entered into a share purchase agreement for the acquisition of 100% of HK Express for HKD4.93 billion (USD628.1 million), comprising of HK2.25 billion (USD286.7 million) cash and a non cash component of HKD2.68 billion (USD341.4 million). The transaction is expected to complete on or before 31-Dec-2019 by when HK Express will become a wholly owned subsidiary of Cathay Pacific. HK Express will be operated as a stand alone airline using the LCC model.
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