🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Cathay Pacific to buy back remaining 50% of HK government's preference shares

Published 07/05/2024, 07:11 AM
Updated 07/05/2024, 07:15 AM
© Reuters. FILE PHOTO: Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik/File Photo
CPCAY
-

HONG KONG (Reuters) - Hong Kong's Cathay Pacific Airways (OTC:CPCAY) will buy back the remaining 50% of preference shares that were issued to the Hong Kong SAR Government on July 31, the company said on Friday.

Cathay said it will pay any remaining unpaid preference share dividends up to July 31, bringing total preference share dividends paid to the Hong Kong SAR Government over its holding period to HK$2.44 billion.

© Reuters. FILE PHOTO: Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik/File Photo

The preference shares were issued to the Hong Kong government as part of the group's recapitalisation financing in 2020. The stake being bought back by Cathay Pacific is valued at HK$9.75 billion ($1.25 billion).

($1 = 7.8101 Hong Kong dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.