Cathay Pacific Airways is selling its remaining 15% stake in Hong Kong Aircraft Engineering Company Haeco to Swire Pacific for HK$2.6 billion $333 million, its third asset sale in the past year as the airline's capital expenditure and loan repayments rise.
Under the terms of the deal, Swire will acquire the airline's 24.9 million shares in Haeco for HK$105 per share, a 25% premium above their closing price on Friday the three involved parties were all suspended from trading on Monday. When completed by June 14, the acquisition will increase Swire's ownership in the maintenance provider to 60.96%. Swire is also the largest shareholder in Cathay Pacific with just under...
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