Cathay Pacific shares suspended ahead of “transaction”
Trading of Cathay Pacific Airways shares on the Hong Kong Stock Exchange was suspended earlier today after reaching a record high of HK$23.05 ($2.96) in the morning.The airline said it requested the suspension due to the pending announcement of “a proposed transaction, which constitutes price sensitive information.”
There has been speculation that Air China, in which Cathay owns a sizeable share, could be poised to derail Singapore Airline’s attempt to buy into China Eastern.
Cathay’s shares closed at the midday break at HK22.70 ($2.92), up 10.7 percent over the previous day’s close.
