Cathay Pacific raises Air China stake
Cathay Pacific Airways has increased its stake in Air China from 18.43% to 18.77%, paying around HKD40 million (USD5.15 million) for 5.48 million shares (Reuters, 07-Apr-2011). Cathay Pacific acquired the Hong Kong-listed (H shares) shares for an average HKD7.348/share. Cathay Pacific stated Air China was a good investment and it would increase its holding in the company. Air China is a substantial shareholder of Cathay, owning nearly 30% as of the end of 2010, just behind Swire Pacific, which held 43% in the Hong Kong-based airline.