Airline Affairs

Cathay Ownership Reshuffle as Swire Relinquishes Control

The shareholding of Cathay Pacific Airways and its associate Dragonair are to be reorganised ahead of the Chinese takeover of Hong Kong next year. The major points of the new arrangement are current Cathay majority shareholder Swire Pacific relinquishing control of the airline and China – through the China National Aviation Corporation (CNAC) – gaining control of Dragonair.

After restructuring, CNAC will become the largest single shareholder in Dragonair with 35.9% of the stock, the China International Trust and Investment Corporation (CITIC – the organisation responsible for overseeing China’s investment program in Hong Kong) 28.5%, Swire/Cathay Pacific 25.5% and other shareholders 10.1%. Public listing for Dragonair will be sought and the CNAC group will use the operator as a vehicle for the development of its airline interests in Hong Kong.

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