Cathay Pacific Airways Limited (Stock Code: 293) announced that Qatar Airways signed a Deed of Undertaking on 5 November 2025 for a proposed off-market share buy-back of 643,076,181 shares held by Qatar Airways, representing approximately 9.57% of Cathay Pacific’s issued shares. The agreed buy-back price is HK$10.8374 per share, amounting to a total consideration of approximately HK$6.97 billion. Subject to approval by at least three-fourths of the independent shareholders at an Extraordinary General Meeting (EGM), Cathay Pacific intends to hold the repurchased shares as treasury shares.

According to the announcement, the transaction has implications under the Share Buy-backs Code and the Takeovers Code. The Hong Kong Securities and Futures Commission’s Executive is being consulted on approval requirements and the granting of a mandatory general offer (MGO) waiver for Swire Pacific and Air China. Each of Swire Pacific and Air China has provided irrevocable undertakings to support the proposed share buy-back, and both parties intend to seek the MGO waiver from the Executive in a timely manner.

If completed under the stated conditions, the buy-back would reduce Cathay Pacific’s public float from the current 28.14% to approximately 20.53% (excluding treasury shares). The Stock Exchange of Hong Kong has already granted a waiver allowing public float to fall below the 25% threshold, citing, among other factors, Cathay Pacific’s market capitalization and the minimal effect on the market’s liquidity. A circular with relevant details, including a letter from the Independent Board Committee and advice from an Independent Financial Adviser, will be dispatched within 21 days of the announcement. The proposed share buy-back remains subject to various conditions, and investors are advised to exercise caution when dealing in Cathay Pacific’s shares and other securities.