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Tribune News Network
Doha
Qatar Airways (QA) has bought a 9.6 percent stake in Hong Kong airline Cathay Pacific, the airline announced on Monday.
In a statement, QA said it has entered into an agreement to purchase 378.18 million shares of Cathay Pacific Airways Limited.
The deal would make QA the third largest shareholder in Cathay Pacific.
Qatar Airways Group Chief Executive Akbar al Baker said,"Qatar Airways is very pleased to complete its financial investment in Cathay Pacific. Cathay Pacific is a fellow oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future."
"This investment further supports Qatar Airways investment strategy, which already includes 20 percent investment in International Airlines Group, 10 percent investment in LATAM Airlines Group and 49% investment in Meridiana," he added.
A multiple award-winning airline, Qatar Airways was recently named 'Airline of the Year' by the 2017 World Airline Awards, managed by international air transport rating organisation Skytrax.
Currently, QA is celebrating 20 years of its establishment and is flying to more than 150 business and leisure destinations all over the world.
