23 Oct 2006
Cathay Pacific Airways Limited announces that it has donated 64.7 million shares that it held in China National Aviation Company Limited (CNAC) to 71 Hong Kong, Mainland and Asian charities.
The 71 beneficiaries include 64
The donations have been made in relation to Cathay Pacific’s integration of Dragonair and the privatisation offer for CNAC by Air
Under the Hong Kong Takeovers Code, Cathay Pacific cannot exercise its votes in the CNAC privatisation and was obliged to donate its CNAC shares to charitable bodies.
"During the transaction process we found ourselves facing a difficult regulatory problem which had a very agreeable solution,” Cathay Pacific Chief Executive Philip Chen said. “The recipients of these shares are all worthy organisations and we think it is befitting that we are able to help them in this way.”