Hong Kong's Cathay Pacific Airways is to buy a 9.9 percent stake in mainland flag carrier Air China as the newly restructured Chinese giant prepares for a listing in Hong Kong.
A memorandum of understanding covering Cathay's strategic investment in Air China also provides for co-operation between the two companies on aviation and related businesses in Hong Kong and China.
The airlines did not put a value on the stake purchase announced late Wednesday but the Financial Times reported on its website that the stake will be purchased for about 200 million US dollars.
Comments
Comments are closed.