Cathay Pacific sells a stake in Haeco to Swire Pacific

By Lara Wozniak | 17 September 2009
Keywords: cathay pacific | haeco | stake | sells | swire pacific | swire
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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 downturn. Cathay Pacific's passenger yield ...

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