The Hong Kong government will take a stake in Cathay Pacific and increase its influence over the airline’s board as part of a HK$39bn (US$5bn) rescue plan.
In what marks a rare direct purchase by the state of a shareholding in a private company in the Asian finance hub, authorities will contribute HK$27.3bn to a bailout of the carrier in the form of a bridge loan, preference shares and warrants.
Hong Kong’s government will also be able to send two “observers” to board meetings and have access to information from management.
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