Cathay confirms interest in budget carrier Hong Kong Express
Cathay Pacific Airways has confirmed it is interested in buying a stake in low-cost airline Hong Kong Express Airways.
It would mark a first move into the budget airline market for the Hong Kong carrier.
HK Express is owned by debt-ridden China conglomerate HNA Group, which is looking to offload a number of assets.
A Cathay spokesperson said there is strong demand for low-cost services in Hong Kong and a low-cost airline could be complementary to its full service operating model. However, in a statement, Cathay said: "No agreement for the acquisition has been entered into and there can be no certainty that any agreement will be entered into."
According to a Reuters report, HK Express has a market value of around US$300 million.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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