Qatar Airways has broadened its global reach by purchasing a 9.61% stake in Cathay Pacific, the national carrier’s first major stake in an Asian airline.
Qatar Airways, which is the world’s fastest-growing airline, said it “entered into an agreement to purchase an amount of 378,188,000 shares of Cathay Pacific Airways Limited, being approximately 9.61% of the total issued share capital. Completion of the transaction is expected to take place later today in Hong Kong.”
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.
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The deal is national carrier’s first major stake in an Asian airline
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“This investment further supports Qatar Airways investment strategy, which already includes 20% investment in International Airlines Group, 10% investment in LATAM Airlines Group and 49% investment in Meridiana.”
For Cathay Pacific, the Qatar Airways stake will give it a third strategic shareholder behind Swire Pacific Ltd and Air China Ltd and under the terms of the Cathay deal, Qatar Airways will buy about 378.2mn shares.
A Reuters’ dispatch quoted Hong Kong's Kingboard Chemical Holdings and said it had sold the stake to Qatar Airways for HK$5.16bn ($661mn), making the Middle Eastern carrier the third-largest shareholder in Cathay.
Elsewhere in Asia, Qatar Airways is looking to establish a division in India that could operate as many as 100 single-aisle planes as Qatar’s flagbearer seeks to tap into the world’s fastest growing major aviation market.
According to CAPA Centre for Aviation, India’s domestic market is on track to surpass 100mn passengers this year.
It said that after a strong financial year 2016, traffic growth has accelerated further in this financial year, with India likely to overtake Japan in 2017 to become the world’s third largest domestic market behind the US and China.
Currently, Qatar Airways is celebrating 20 years of its establishment and is flying to more than 150 business and leisure destinations all over the world.
The Doha-based airline will add a number of new destinations to its growing network in 2017/18, including St. Petersburg, (Russia); Chiang Mai (Thailand); Canberra (Australia), flying passengers on board its modern fleet of more than 200 aircraft.
Qatar Airways Cargo, the world’s third largest international cargo carrier, serves more than 60 exclusive freighter destinations worldwide via its Doha hub and also delivers freight to more than 150 key business and leisure destinations globally.
Qatar Airways Cargo fleet includes eight Airbus A330 freighters, 12 Boeing 777 freighters and one Boeing 747-8 freighter.
A multiple award-winning airline, Qatar Airways was recently named ‘Airline of the Year’ by the 2017 World Airline Awards, managed by international air transport rating organisation Skytrax.