Cathay Pacific confirms bid for stake in HK Express
Cathay Pacific Airways has confirmed interest in a potential stake in Hong Kong Express Airways.
It would mark a first move into the low cost market for the Hong Kong carrier.
HK Express is owned by China conglomerate HNA Group which remains mired in debt and is still looking to offload a number of assets to relieve its debt burden.
It is not a done deal yet.
"No agreement for the acquisition has been entered into and there can be no certainty that any agreement will be entered into," Cathay said in a statement.
A Cathay spokesperson said there is strong demand for low cost services in Hong Kong and a LCC unit could be complementary to its full service operating model.
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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