Conglomerate Swire Pacific has sold part of its stake in Hong Kong flag carrier Cathay Pacific Airways for HK$1.8 billion (US$230 million) to raise working capital.
In a rare move, the group revealed on Friday that it sold 153.05 million shares at HK$11.74 each the previous day. This was a 9.6 per cent discount to the last traded price on Thursday of HK$12.99 per share.
Swire is the latest shareholder to reduce its stake in Cathay, following Air China’s sale in January for HK$1.32…
In a rare move, the group revealed on Friday that it sold 153.05 million shares at HK$11.74 each the previous day. This was a 9.6 per cent discount to the last traded price on Thursday of HK$12.99 per share.
Swire is the latest shareholder to reduce its stake in Cathay, following Air China’s sale in January for HK$1.32…
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