The airline was rejected by American Airlines earlier this year, but has now been able to secure a 9.6 percent share in Hong Kong-based airline Cathay Pacific.
Qatar Airways will purchase 378 million shares of Cathay Pacific Airways, or 9.6 percent of the total issued share capital, on Monday, the airline announced.
The shares, worth HK$5.16 billion (U.S. $662 million), will make Qatar Airways the third-largest investor in Cathay Pacific, after Swire Pacific’s 45 percent holding and Air China’s 30 percent stake. Qatar Airways was given the green light to invest in Cathay Pacific just over four months after being rejected from American Airlines.
“Qatar Airways is very pleased to complete its financial investment in Cathay Pacific,” said Qatar Airways Group Chief Executive, H.E. Akbar Al Baker. “Cathay Pacific is a fellow oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future.”
The share purchase is one of several in Qatar Airways’ investment strategy, which includes a 20 percent investment in International Airlines Group, a 10 percent investment in LATAM Airlines Group and 49 percent investment in Meridiana.
Qatar Airways purchases minority stake in Cathay Pacific
