Cathay Pacific completed the buyback of all the warrants it had issued to the Hong Kong SAR Government in 2020 as part of its recapitalisation on September 13, 2024. The warrant buyback was valued at around HK$1.53bn ($196.2 million).
On July 31, Cathay redeemed the remaining 50% of the preference shares that were also issued as part of its recapitalisation. A total of HK$2.44 billion ($312.9 million) was paid in preference share dividends.
Together with the warrant buyback, this represents a payment of nearly HK$4 billion ($512.9 million) to the HKSAR Government.
"Completing the buyback of the preference shares and the warrants marks the close of a significant chapter in Cathay’s history," said Cathay CEO Ronald Lam. "Now, we are firmly focused on the future in pursuing our vision of becoming one of the world’s greatest service brands."
The company also committed over HK$100bn ($12.8bn) in investments over the next seven years. Lam said these "substantial investments" will improve its customer experience along with strengthening Hong Kong's "international aviation hub status" with the opening of the three-runway system at Hong Kong International Airport. The three-runway system is scheduled to be complete by the end of this year.