Hong Kong flag carrier Cathay Pacific Airways has completed its buy-back of all warrants issued to the government at HK$1.53 billion (US$196 million), the airline’s chief has said.
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The warrants were part of a government-led HK$39 billion recapitalisation package for Cathay back in 2020, as the airline struggled financially amid the collapse of the global travel market during the Covid-19 pandemic.
The company’s announcement on Friday followed its move in July to buy back the remaining 50 per cent of preference shares, valued at HK$9.75 billion, which was also issued as part of the same rescue package.
“I would like to once again extend my sincere gratitude to the government and to all our shareholders for their invaluable support during and since the pandemic,” the carrier’s CEO Ronald Lam said.
“Completing the buy-back of the preference shares and the warrants marks the close of a significant chapter in Cathay’s history. Now, we are firmly focused on the future in pursuing our vision of becoming one of the world’s greatest service brands,” he added.