Passenger Transportation Services
Cathay Pacific's CEO calls Air China's $170m stake sale a "tactical" move
Ronald Lam, CEO of Cathay Pacific Airways, said that Air China's decision on Tuesday to sell its 1.61% stake was a "tactical move". Lam spoke at an event celebrating Cathay Pacific's eightieth anniversary, hours after Air China announced it would sell 108.1 millions shares of the Hong Kong airline to Air China for HK$1.32billion ($169.57m). "I?understand that this is only a tactical move. Air China will continue to be our strategic long-term shareholder. Lam told reporters that he believed this was a certainty. Air China will have a 27.1% stake in Cathay Pacific after the sale. This will increase to...