Stock Movement | Cathay Pacific Under Pressure, Swire Properties Sells Shares at 10% Discount

SighingCashier · 2026-03-13T02:22:44+00:00

Swire Places 153 Million Cathay Pacific Shares at Nearly 10% Discount, Causing Cathay Stock to Drop Up to 4.7%. Swire Raises Approximately HK$1.789 Billion Through This Placement for Operations, While Emphasizing Confidence in Cathay Pacific. Following the Placement, Swire's Stake in Cathay Pacific Will Decrease to Approximately 45.12%.

SighingCashier

2026-03-13 02:22:44

Abstract generation in progress

Swire (00019) offers a 10% discount to issue shares of Cathay Pacific (00293), causing Cathay Pacific’s stock to decline, currently down up to 4.7%, hitting a low of HKD 12.38.

As of 10 a.m., Cathay Pacific fell 3.9% to HKD 12.48, with a turnover of HKD 1.913 billion; Swire rose 4.4% to HKD 86.4, with a turnover of HKD 88.8 million.

Swire announced the placement of 153 million Cathay Pacific shares, representing about 2.52% of Cathay’s total shares. The placement price is HKD 11.74 per share, a 9.62% discount to yesterday’s closing price of HKD 12.99, involving HKD 1.797 billion, with a net amount of HKD 1.789 billion, to be used for general operational purposes.

Swire expects to record approximately HKD 365 million in gains from the placement and states that raising funds through the placement benefits the company by increasing its working capital, further strengthening its balance sheet, and enhancing its financial flexibility. The company emphasizes confidence in Cathay Pacific and a firm commitment.

Swire says this placement will restore its stake in Cathay to the level before Cathay’s off-market share buyback from Qatar Airways Group. After the placement, the company’s stake in Cathay will decrease from 47.64% to about 45.12%.

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