HONG KONG: Hong Kong’s Cathay Pacific Airways on Monday said it had bought back 50% of preference shares from the Hong Kong government for HK$9.75 billion ($1.25 billion).

Cathay also plans to buy back the remaining 50% by the end of July next year, subject to market conditions and its business operations, the airline said in a statement.

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The preference shares were issued to the Hong Kong government as part of the group’s recapitalisation financing in 2020.