Qatar Airways has acquired a 9.61 per cent stake in Cathay Pacific Airways Limited – adding to stakes it already has in IAG, Meridiana and LATAM Airlines Group.
Both Cathay Pacific and Qatar Airways already collaborate together as members of the oneworld alliance. Air China Limited and Swire Pacific Limited together continue to hold 74.99 per cent shares of the airline.
Qatar Airways Group chief executive, Akbar Al Baker says: “Qatar Airways is very pleased to complete its financial investment in Cathay Pacific. 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.”
In September, Qatar Airways took a 49 per cent take in Meridiana, while it also holds a 20.1 stake in the International Airlines Group (IAG) and a 10 per cent stake in LATAM Airlines Group. The carrier says it is part of investment strategy.
Cathay Pacific chief executive officer, Rupert Hogg says: “Qatar Airways is one of the world’s premier airlines. We already work together closely as fellow members of the oneworld alliance and we look forward to a continued constructive relationship.”
In August, Cathay Pacific announced a loss of two billion Hong Kong dollars ($255 million) in the first half of 2017, with intense competition and higher costs creating “difficult operating conditions”. The loss compared to a HK$353 million profit in the same period of 2016.