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CNAC and with CTS for the sale to each of them of 143,413, 826 shares of HK$0.20 each in Cathay Pacific, and the sale is expected to be completed on 21 July 1992. The sale price is HK$11.80 per share, producing a total consideration of approximately HK$3.39 billion.
Mr Hu Yizhou, the Chairman of CNAC, and Mr Lin Shui Long, the Chairman of CTS, are to be invited to join the Board of Cathay
Pacific.
Peter Sutch, Chairman of Cathay Pacific, commented:
"Whilst we look forward to maintaining our close relationship, we are sorry to lose the HongkongBank group as a shareholder, and are very grateful for the support we have received over the years. However, we are pleased to have CNAC and CTS as shareholders and believe that their
involvement in Cathay Pacific reflects the increasing co-operation between airlines in Hong Kong and aviation and tourism interests in the People's Republic of China."
The intention of CNAC and CTS is that their shareholdings wil1
be long-term investments, Participation by CNAC and CTS as shareholders in Cathay Pacific will also help to assure one
objective of the Joint Declaration: that the Hong Kong Special Administrative Region should remain and indeed be further developed as a centre for international and regional aviation. This, in turn, is a key factor in the continuing success and prosperity of Hong Kong as a financial and trading
centre.
Press inquiries: Cathay Pacific David Bell
747 5373
Hongkong Bank
Steve Martin
822 4929
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