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Cathay Pacific, major shareholders Swire and Air China halt trading in Hong Kong

06/09/2020| 10:15:50 AM|

Swire owns a 45% stake in Cathay and Air China owns 30%.

Cathay Pacific Airways Ltd and its major shareholders Swire Pacific Ltd and Air China Ltd  halted trading in their shares in Hong Kong on Tuesday pending announcements.

Cathay's management team on Friday met with the leaders of pilot unions at Cathay Pacific and its regional arm Cathay Dragon to brief them on condition of confidentiality ahead of an announcement expected on Tuesday, three sources with knowledge of the matter told Reuters.

A fourth person said Hong Kong's Cathay was poised to announce a new chief executive at Dragon along with some other senior management changes. The sources declined to be identified because they were not authorised to speak with media.

Swire owns a 45% stake in Cathay and Air China owns 30%.

Cathay has grounded most of its planes because of falling demand amid coronavirus-related travel curbs, flying only cargo and a skeleton passenger network to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver.

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TAGS: Cathay Pacific | Swire Pacific | Air China
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