Qatar Airways buys 9.6% stake in Hong Kong-based Cathay Pacific Airlines

Qatar Airways has made its first investment in Asian carriers by purchasing a 9.61% stake in Hong Kong-based Cathay Pacific.

Qatar Airways, which is one of the world’s fastest-growing airline, said it had entered into an agreement to purchase an amount of 378,188,000 Cathay Pacific Airways Limited shares, approximately 9.61% of the total issued share capital, reported Gulf Times.

The new deal is expected to give the Doha-based airline a toehold in the potentially lucrative Asian aviation market.

Qatar Airways’ 9.6% stake in Cathay Pacific, rumoured to be worth around $662m, makes it the third largest shareholder in the Hong Kong airline, reported The Peninsula.
“Qatar Airways is very pleased to complete its financial investment in Cathay Pacific. It 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,” Qatar Airways Group Chief Executive Akbar Al Baker was quoyted as saying by Qatar Tribune.

For Cathay Pacific, the Qatar Airways stake will give it a third strategic shareholder behind Swire Pacific Ltd and Air China Ltd.

Elsewhere in Asia, Qatar Airways is looking to establish a division in India that could operate as many as 100 single-aisle planes.