Cathay Pacific In Talks To Buy HK Express
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2019-03-05 HKT 11:38
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Cathay Pacific said on Tuesday that it is in talks about buying budget carrier Hong Kong Express Airways.
In a brief statement to the Hong Kong stock exchange, Cathay said it is in "active discussions" but there is no certainty that there will be an agreement.
The city's flagship carrier made the disclosure following recent media reports that it would buy a stake in HK Express and Hong Kong Airlines, which are both controlled by the cash-strapped HNA Group.
The statement did not mention any acquisition of Hong Kong Airlines.
Shares of Cathay surged as much as three percent in Hong Kong trading on Tuesday morning.
HK Express operated its first flight as a low-cost carrier in October 2013. The airline flies to regional destinations, many of them in Japan.
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