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2025-11-06 11:54:51 CATHAY PAC AIR (00293.HK) announced that, pursuant to a deed of undertaking, it will repurchase all of Qatar Airways' 9.57% stake (a total of 643.076181 million shares) off-market at a price of $10.8374 per share. This repurchase price represents a 3% discount to the 5-day volume-weighted average price, implying a total consideration of approx. $6.97 billion. Upon completion, CATHAY PAC AIR's public float will decrease to about 20.53%. The announcement states that the repurchased shares will be held as treasury shares. In CLSA's view, this announcement seems to be net negative, according to CLSA's research report. Although CATHAY PAC AIR bought back shares at a 4% discount to the last closing price, there is currently no indication that the repurchased shares will be canceled (the announcement only mentions that they will be owned as treasury shares). However, the waiver from the Hong Kong Stock Exchange's public float requirement (minimum 25%) should alleviate market concerns about potential equity financing in the future. Therefore, the broker rated CATHAY PAC AIR at Hold. ~ AASTOCKS Financial News Website: www.aastocks.com | |