Swire sells part of Cathay Pacific stake for HK$1.8 billion to boost working capital

Conglomerate Swire Pacific has sold part of its stake in Hong Kong flag carrier Cathay Pacific Airways for HK$1.8 billion to raise working capital. The group revealed on Friday that it sold 153.05 million shares at HK$11.74 each the previous day. This marks a 9.6 per cent discount to the last traded price of HK$12.99 on Wednesday. It marked the latest shareholder to reduce its stake in Cathay, following Air China’s sale in January for HK$1.32 billion. In a Hong Kong stock exchange filing, Swi...

By Harvey Kong