Qatar Airways has sold its 9.6% stake in Cathay Pacific Airways for $897 million. The Gulf carrier had purchased its stake in the airline in 2017 and was its third largest shareholder.
The stake was sold to Swire Pacific and Air China, who are the largest shareholders of Cathay Pacific.
Once completed, Swire Pacific's and Air China's stakes in the airline will increase to 47.7% and 37.8%, respectively.
Qatar Airways will continue to collaborate with Cathay Pacific through their existing codeshare and alliance agreements.
“Following a period of record profitability and strong performance, this decision is part of a proactive strategy to optimise our investments and position the group for long-term growth,” Qatar's CEO Badr Mohammad Al-Meer said in a statement last week.
Earlier this year, Qatar bought a 25% stake in Virgin Australia. Additionally, it plans to acquire a 49% stake into RwandAir.