Cathay Pacific Airways is poised to announce a change in its ownership after its shares were suspended on the Hong Kong stock exchange today.
"We are working on an announcement and we hope to make it later today," says a spokeswoman at Hong Kong's flag carrier. She declined to provide further details.
The oneworld alliance member's shares were suspended on the exchange along with those of China's Beijing-based flag carrier Air China and investment group CITIC Pacific. Cathay owns an 18.09% stake in Air China while CITIC owns 17.46% of Cathay, according to Flight's ACAS database.
News reports out of Hong Kong and China said that Air China plans to buy up to a 13% stake in Cathay from CITIC. The Swire Group would remain Cathay's largest shareholder with a 40% stake.
Air China failed in its attempt to buy Shanghai-based China Eastern Airlines last year. Last month, China Eastern agreed to buy its Shanghai Airlines in July.
Source: Air Transport Intelligence news
