Cathay Pacific sells a stake in Haeco to Swire Pacific

Cathay Pacific said it will sell a 12.45% stake in Hong Kong Aircraft Engineering Company to Swire Pacific.

Cathay Pacific Airways announced yesterday that it will sell a HK$1.9 billion $245 million stake in Hong Kong Aircraft Engineering Company Haeco to Swire Pacific, its largest shareholder.

Cathay Pacific has agreed to sell 20 million shares, or a 12.45% shareholding, at HK$91.83 per share, which is a 1.6% discount to yesterday's closing price. The deal is part of an effort to bolster its cash holdings as fewer people travel due to the global economic...

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