This is a joint press release issued by China National Aviation Corporation (Group) Limited (the "CNAC Group"). CITIC Pacific Limited ("CITIC Pacific"), Swire Pacific Limited ("Swire") and Cathay Pacific Airways Limited ("CPA").
Further to the joint press release issued on 17th May 1996 announcing the execution of conditional agreements regarding the placement of shares in CPA (the "New CPA Shares") to CITIC Pacific and the acquisition of interests in Hong Kong Dragon Airlines Limited ("Dragonair") by CNAC Group, CNAC Group, CITIC Pacific, Swire Pacific and CPA are pleased to announce that as a result of (i) shareholders of CPA approving, by ordinary resolution at an extraordinary general meeting of CPA held on 10th June 1996, the placement and authorising the allotment and issue of the New CPA shares; and (ii) the Listing Committee of The Stock Exchange of Hong Kong Limited agreeing to grant listing of and permission to deal in the New CPA shares, those agreements have become unconditional and both transactions have been completed today.
Following completion of the Dragonair acquisition transaction, CNAC Group has become the largest shareholder of Dragonair with 35.86%. As from 10th June 1996, Mr. Wang Guixiang, Chairman of China National Aviation Corporation (Hong Kong) Limited ("CNAC HK"), Mr. Yao Shaoxian, General Manager of CNAC HK and Mr. Thomas H.K. Tsang, Deputy General Manager of CNAC HK, have been appointed to the Board of Dragonair. Messrs. Yao and Tsang have also joined the Executive Committee of Dragonair.
Following the placement of the New CPA shares, CITIC Pacific now holds 25% of CPA. As from 10th June 1996, two additional representatives of CITIC Pacific, Mr. Henry H.L. Fan, Managing Director of CITIC Pacific, and Mr. Vernon Moore, Deputy Managing Director of CITIC Pacific, have been appointed to the Board and also the Executive Committee of CPA.
10th June, 1996
CHINA NATIONAL AVIATION CORPORATION (GROUP) LTD.
CITIC PACIFIC LTD.
SWIRE PACIFIC LTD.
CATHAY PACIFIC AIRWAYS LTD.
China National Aviation Corporation (Group) Ltd., CITIC Pacific Ltd., Swire Pacific Ltd. and Cathay Pacific Airways Ltd., have jointly issued the attached press release.
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |