Cathay Pacific Airways said on Wednesday it had agreed to buy Hong Kong Express ...
SINGAPORE - Cathay Pacific Airways said on Wednesday it had agreed to buy Hong Kong Express Airways Ltd from cash-strapped Chinese conglomerate HNA Group for HK$4.93 billion , giving it a foothold in the fast-growing budget travel market.
Cathay said it would continue operating HK Express as a standalone carrier using a low-cost business model. Cathay shares rose 3.4 percent in early trade on Wednesday, outpacing a 0.1 percent gain in the benchmark Hang Seng Index. HK Express has 24 Airbus SE A320 jets and the acquisition would increase Cathay’s share of seat capacity in Hong Kong from about 46 percent to 51 percent, according to CAPA data.
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