Qatar Airways boss eyes bigger investment in Cathay Pacific
Akbar Al Baker says Gulf firm would be happy to own more of Hong Kong’s flagship carrier to increase its toehold in world’s largest air travel market
Qatar Airways is hoping to have an even bigger share in Cathay Pacific Airways, just days after it reached a deal to buy a minority stake in one of Asia’s biggest international airlines.
Akbar Al Baker, the Doha-based carrier’s group CEO, said he had wanted to buy more than the 9.6 per cent that he acquired for HK$5.16 billion (US$662 million) but “that was all that was on offer”.
“Yes we would have like to have bought more. But unfortunately nothing more was available,” he said.
Qatar Airways becomes third largest shareholder of Cathay Pacific with HK$5 billion share purchase
“If there is more [to be bought] and we are within the regulatory framework, yes Qatar Airways would be interested.”
But he quashed suggestions the Gulf carrier was looking to play an active part in Cathay Pacific’s day-to-day business, insisting his firm was only aiming for a supportive role in the company.
“We don’t interfere in the airlines in which we take a stake,” he said. “We are very passive. But what we do is support in any way we can, to bring synergies and economies of scale to our partners.”
The Middle East airline agreed on Monday to buy the stake in the loss-making carrier from Hong Kong industrial company Kingboard Chemical, making it the third largest shareholder after Swire, the London-based conglomerate, with 45 per cent, and Air China, with 29.9 per cent.