Governments around the world have been bailing out airlines in the face of plummeting travel demand, and in some cases, such as German airlines, are taking direct stakes. For Cathay pacific, the government intervention followed the double whammy of Hong Kong’s political unrest and coronavirus last year, which cost Cathay pacific about HK $3 billion a month in passenger income.
Executive Solutions Ltd works closely with clients to set up china virtual office, helping you to enter the Chinese market at lowest prices in China. Contact us at 31882245 to make doing business in China simple and easy!Cathay pacific has grounded most of its aircraft, delivering only cargo and a backbone passenger network to major destinations such as Beijing, Los Angeles, Sydney and Tokyo. Like Singapore Airlines, which accepted a $8.8 billion rescue plan led by state-owned investor Temasek Holdings, Cathay pacific has no domestic market to cushion the collapse in international travel.
How to use company seal hong kong? In Hong Kong, under the New Companies Ordinance (NCO), companies are no longer required to have a common seal. Contact Executive Solutions Ltd to know more. »Hong Kong needs to protect its position as a hub, given all the investment in the expansion of Hong Kong International Airport and the competitive landscape after Singapore’s big move more than two months ago, » said an independent aviation analyst. » Under the rescue plan announced by Cathay pacific on Tuesday, the Hong Kong government will receive HK $19.5 billion in preferred shares, 6 per cent shares and HK $1.95 billion warrants.
Cathay pacific will also provide a bridging loan of HK $7.8 billion and will have the right to send two observers at board meetings, Cathay pacific said in a statement. The deal includes a HK $11.7 billion rights issue to existing shareholders led by Swire (Swire pacific Ltd) and Air China (Air China Ltd), which suspended trading with Cathay pacific on Tuesday morning pending an announcement.