Swire, which owns 45% of Cathay, has agreed to remain a controlling shareholder for as long as the government owns preference shares or any amount of a HK$7.8 billion bridging loan remains outstanding.
SYDNEY: Cathay Pacific Airways Ltd said it expects to repay the Hong Kong government for HK$19.5 billion ($2.52 billion) of preference shares over a three to five year period.
The shares are part of a $5 billion recapitalisation package announced on Tuesday to help the airline weather the coronavirus crisis, which the International Air Transport Association estimates will cost the industry a record $84 billion in 2020.
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