| FOR IMMEDIATE RELEASE | 23rd October 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 Hong Kong charities, six Mainland charities and one Asia-wide charity. The funds donated by Cathay Pacific will benefit the disabled and disadvantaged; children and the elderly; the arts; education; medical care; the environment and conservation; animal welfare; and other worthy causes.
The donations have been made in relation to Cathay Pacific's integration of Dragonair and the privatisation offer for CNAC by Air China at not less than HK$2.80 per share, which would value Cathay Pacific's CNAC stake at more than HK$181 million.
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."
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