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Cathay Pacific to sell HAECO stake

written by australianaviation.com.au | June 8, 2010

Cathay Pacific has announced that it will sell its 15 per cent stake in Hong Kong Aircraft Engineering Company Limited (HAECO) to its major shareholder Swire Pacific for HK$2,620m (A$411m).

“The transaction is driven by the strategic priorities of Cathay Pacific and will benefit our core aviation business”, Cathay’s chief operating officer John Slosar said. Despite the sale HAECO will remain the airline’s main provider of maintenance and overhaul services.

Cathay also recently sold its stake in the new cargo terminal being built at Hong Kong International Airport.

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