-FROM-TÅD 2 MARSHAM ST. STAFF
CATHAY PACIFIC AIRWAYS LIMITED
NO. 3181
E.
A
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1. Cathay Pacific Airways Limited (CPA) a member of the Swire Group is the principal international airline based in Hong Kong. The parent company of the Group is John Swire and Sons Ltd of London, who have major interests in transport, trading, manufacturing, property development, engineering and insurance in many parts of the world but particularly in Hong Kong, other parts of the Far East and Australia. The Chairman of CPA is David Gledhill, the Deputy Chairman and Managing Director is Peter Sutch.
2. The Swire interest in CPA is exercised through Swire Pacific Limited, a company quoted on the Hong Kong Stock Exchange. John Swire & Sons Ltd own 27% of the Swire Pacific share capital, these shares enjoying some 40% of the voting rights. Swire Pacific in turn owns 51% of CPA. The direct UK holding in the airline is just over
14%.
A further major block of shares (16.5%) is owned by the Hong Kong and Shanghai Bank and another 12.5% is owned by China International
International Trust and Investment Corporation (CITIC); the remaining 20.5% has been "floated" on the Hong Kong Stock Exchange. CPA is, however, effectively managed by John Swire and Sons Ltd, under a management contract, and they place their people in the key management posts.
3. CPA's roots as a Hong Kong based airline go back to 1946 when they transferred their operations from Shanghai flying a war surplus DC3, nicknamed "Betsy". It is now a highly successful and profitable British airline. After tax profits for the six months to the end of June 1990 came to US $183 million on a turnover of US $1.2 billion. CPA has an extensive network of long-haul services to India and the Gulf (Bahrain and Dubai), Frankfurt, London, Manchester, Amsterdam, Paris, Rome, Zurich, Vancouver and Los Angeles. There is also an intensive Regional network, to Japan, Thailand, the Republic of Korea, Philippines, Malaysia, Indonesia, Singapore, Taiwan, Australia and New Zealand. In 1989, CPA carried 7.1 million passengers over the network, compared to 6.2 million passengers in 1988. CPA's marketing strategy concentrates particularly on high yield business traffic which makes up some 50% of its passengers.
A.
As a result of the agreement reached between the UK and Hong Kong authorities last year covering operations between the UK and Hong Kong, CPA has increased its services to the UK. They now operate 14 weekly passenger services to London Gatwick and a twice weekly service to Manchester via Frankfurt. In addition CPA operates 5 weekly all-freighter services to the UK.
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