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Business

Qatar Airways buys 9.6% of Cathay Pacific from Kingboard

HONG KONG (Nikkei Markets) -- Kingboard Chemical Holdings said the Hong Kong-listed company and its subsidiaries entered an agreement on Sunday to sell their shares in Cathay Pacific Airways to Qatar Airways for HK$5.16 billion ($662 million) in cash.

Kingboard Chemical, which has business interests in laminates, printed circuit boards and chemicals, said the company and two units, including Hong Kong-listed Kingboard Laminates Holdings, will together sell 378.19 million shares in Cathay Pacific at HK$13.65 apiece. The sale price is a 3.4% premium to Cathay Pacific's closing price of HK$13.20 on Friday.

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