Qatar Airways takes a 9.6% stake in Cathay Pacific
06 / 11 / 2017
Qatar Airways has acquired a 9.61% stake in Hong Kong-based Cathay Pacific Airways.
Both Cathay Pacific and Qatar Airways collaborate together as members of the oneworld passenger alliance.
Cathay's current shareholders, Air China Ltd and Swire Pacific Ltd, will together continue to hold 74.99% shares in the airline. In August, Qatar Airways dropped plans to take a 10% stake in American Airlines.
Commenting on the share swoop, Cathay Pacific chief executive Rupert Hogg said: "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."
Qatar Airways Group chief executive Akbar Al Baker said: “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.”
This investment, the first by a Middle East carrier in an Asian airline, further supports Qatar Airways investment strategy which includes a 20% investment in British Airways and Iberia parent IAG, a 10% investment in LATAM Airlines Group and a 49% investment in Italy's Meridiana.
The deal forges closer links between two freighter-operating giants and two major cargo hubs: Hong Kong and Doha.
On its website, Cathay Pacific Cargo lists its available fleet as 13 Boeing 747-8Fs, six B747-ERFs, 1 B747-BCFs and six B747-400Fs.
In September this year, Qatar Airways Cargo expanded its freighter fleet to 22 aircraft following the delivery of a 13th Boeing 777F at its home base, Doha’s Hamad International Airport (HIA).
The world’s third largest international cargo fleet now comprises eight Airbus A330Fs, 13 Boeing 777Fs and one Boeing 747-8F. A second B747-8F is on order.
Qatar is currently subject to an overfly ban by its Middle East Gulf neighbours.
Only last month, Qatar Airways’ chief officer cargo, Ulrich Ogiermann, announced that he is to leave the Middle East airline. Ogiermann told journalists that his decision was for personal reasons and that he wanted to return to Europe, where his family is based.
In August this year, Cathay Pacific appointed Ronald Lam to the newly created role of director commercial and cargo. The role was created earlier this year as part of a shake-up of the management organisation.
A month earlier, Cathay Pacific announced that it would buy the 40% stake held in freighter carrier Air Hong Kong (AHK) by joint venture partner DHL, the German-owned global logistics and express parcels operator.
The deal would take Cathay's share in AHK to 100%.
In a Hong Kong Stock Exchange filing at the time of the announced deal, Cathay Pacific and DHL said that eight Airbus A300-600F freighter aircraft and associated equipment will be sold by AHK to DHL under the transaction.