News
Cathay Group buys back preference shares from Hong Kong government
December 6th 2023
Cathay Pacific has announced the purchase of 50% of the preference shares it issued to the Hong Kong Special Administrative Region (HKSAR) government as part of the company’s recapitalisation financing in 2020. Read More » The group intends to acquire the remaining 50% of the preference shares by July next year, subject to market conditions and business operations. Cathay raised HK$19.5 billion (US$2.496 billion) from the issuance of preference shares to the HKSAR government. “We are extremely grateful to the HKSAR government and to our shareholders for the continued support they have provided during and since the pandemic,” Cathay Group CEO, Ronald Lam, said. “The government’s investment was essential in supporting the Cathay Group and upholding Hong Kong’s status as an international aviation hub through the COVID-19 crisis. That we have been able to redeem half of the preference shares is testament to the hard work of our people and the encouraging progress we have made in our journey to rebuild.”
