News
Cathay Pacific to buy back warrants from Hong Kong government
September 2nd 2024
Cathay Pacific has reached an agreement with the Hong Kong Special Administrative Region (HKSAR) government to purchase warrants, at an estimated value of HK$1.5 billion (US$196 million), that were issued early in the pandemic. Read More » The exact amount will be determined by the share price at the time the transaction is completed. The warrants were issued as part of the airline group's HK$39 billion recapitalization in 2020 that also included a rights issue to existing shareholders and a bridge loan facility with the HKSAR Government. Cathay Pacific CEO, Ronald Lam, said the company's “strong financial results” for interim 2024 gave it the confidence to buy back the outstanding warrants. “As we close this chapter in our history, I extend my sincere gratitude to the Hong Kong SAR Government and to all our shareholders for their invaluable support,” Lam said.
