Qatar Airways buys 9.6% stake in Cathay Pacific: Kingboard Chemical

Hong Kong’s Kingboard Chemical Holdings Monday said it had agreed to sell its 9.6% stake in Cathay Pacific Airways to Qatar Airways for HK$5.16b (US$661m). Kingboard, an investment holding company, said it would recognise a gain of HK$800m on the sale which represented its entire stake in the airline. Cathay shares have risen by 29.4% since the start of January despite the airline in August posting its worst first-half loss in 20 years. This is not the first time Qatar Airways has taken a stake in another airline. The carrier owns 20% of IAG, as well as 10% of LATAM Airlines Group and 49% of Meridiana. Qatar Airways in August dropped plans to build a stake of up to 4.75% in American Airlines Group. <br/>