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Cathay Pacific to complete buyback of outstanding preference shares
July 8th 2024
Cathay Pacific will purchase all outstanding preference shares by month-end. Read More » In a regulatory filing, the Hong Kong home carrier said it had issued the Hong Kong Special Administrative Region Government-owned Aviation 2020 Ltd a notice of intention to redeem and cancel the remaining 97.5 million preference shares it held for HK$100 (US$12.8) per share plus any unpaid dividends to July 31 at a cost of HK$9.98 billion. Upon the completion of the final redemption, all preference shares will be redeemed and cancelled and Aviation 2020’s right to appoint two observers to the board shall terminate automatically,” the airline group said. The preference shares were issued as part of Cathay's recapitalisation financing in 2020 after COVID-19 spread worldwide.
