Cathay Pacific A350-5-900

Qatar Airways to Buy Stake in Cathay Pacific

Hong Kong’s Kingboard Chemical Holdings on Monday said it had agreed to sell its 9.6 percent stake in Cathay Pacific Airways to Middle Eastern carrier Qatar Airways for HK$5.16 billion ($661 million).

Air China Limited and Swire Pacific Limited together continue to hold 74.99 percent shares of the airline. Both Cathay Pacific and Qatar Airways collaborate together as members of the oneworld alliance.

Commenting on the share acquisition, Cathay Pacific Chief Executive Officer, 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.”

With a marquee Asian airline in its portfolio, Doha-based Qatar Airways now has a footing in a region that’s quickly becoming one of the fastest-growing air travel market.