Tuesday November 7, 2017
06:09 PM GMT+8

Advertisement

More stories

The Qatari carrier announced a US$661 million (RM2.7 billion) deal yesterday to buy a 9.61 per cent stake in Hong Kong’s Cathay Pacific Airways. ― Reuters picThe Qatari carrier announced a US$661 million (RM2.7 billion) deal yesterday to buy a 9.61 per cent stake in Hong Kong’s Cathay Pacific Airways. ― Reuters picSINGAPORE, Nov 7 ― Qatar Airways wants to create a virtual mega-carrier that will give it economies of scale in negotiating fuel and operations, as it expands investments in other airlines, its chief executive said today.

The Qatari carrier announced a US$661 million (RM2.7 billion) deal yesterday to buy a 9.61 per cent stake in Hong Kong’s Cathay Pacific Airways Ltd, in a deal that will broaden its reach and potentially allow the oneworld alliance member to increase traffic through its Doha hub.

“Frankly I wish I could buy more. But the Swire Group and Air China hold most of it and I’m the third largest shareholder which is not bad,” Qatar Airways Chief Executive Akbar Al Baker said at the CAPA Asia Summit 2017 in Singapore, referring to Cathay’s top shareholders.

The airline’s investment strategy has seen it acquire 20 per cent of British Airways-parent International Consolidated Airlines Group, 10 per cent of South America’s LATAM Airlines Group SA and 49 per cent of Italy’s Meridiana.

He said Qatar Airways wants shareholdings to be exchanged between itself and its portfolio airlines and become a virtual mega carrier as such a move will help them get economies of scale in negotiating for fuel, ground handling, repairs and aircraft purchases. ― Reuters

Trending Videos

Trending Videos

Advertisement

MMO Instagram

Tweets by @themmailonline