Qatar Airways has announced that an agreement has been reached to purchase up to 378,188,000 shares in fellow oneworld Alliance airline, Cathay Pacific. This would give Qatar Airways a 9.61% stake in the Hong Kong based carrier. The transaction by Qatar Airways relates to the sale of Hong Kong’s Kingboard Chemical, an investment holding company, which is set recognise a gain of HK$800 million on the sale.

Cathay Pacific’s share register is considered quite dense. comprised of a 45% holding by Swire Pacific and 30% by Air China.

Qatar Airways has numerous investments in other airline groups. It has a 20% holding in International Airlines Group. parent company to British Airways, Iberia and Aer Lingus, in addition to a 10% stake in South America’s LATAM Airlines Group. Qatar Airways most recent investment has been in Italy’s Meridiana with a 49% stake. The deal with Cathay Pacific is expected to be concluded in Hong Kong by 06 November 2017.