Cathay Pacific Airways has increased its stake in Air China from 17.5 percent to 18.1 percent to avoid dilution of the cross-shareholding as the mainland carrier is preparing to issue 400 million new A shares.
Cathay acquired 1.5 million H shares of Air China for US$14.61 million at HK$7.609 per share before the Lunar New Year holiday.
Cathay¡¯s 18.1 percent stake in Air China will be diluted to 17.5 percent after the issuance of 400 million A shares.
Cathay said earlier it would support Air China to acquire a stake in China Eastern Airlines to strengthen its presence in Shanghai
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Source: cargonewsasia
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