Cathay Pacific Airways Limited

FOR IMMEDIATE RELEASE 20th February 2002

Cathay Pacific to Make Air Hong Kong a Wholly Owned Subsidiary

Cathay Pacific Airways announced it will make AHK Air Hong Kong Limited a wholly owned subsidiary by acquiring the 25% stake held by Stabilo Limited in an all-cash transaction worth HK$194 million.

The airline already controls 75% of Air Hong Kong, the Hong Kong-based all-cargo carrier, through Maplebeck Limited, a wholly owned subsidiary of Cathay Pacific Airways Limited. Stabilo Limited is a subsidiary of Shun Tak Holdings Limited.

Cathay Pacific decided to make the acquisition to invest in the future and position itself take advantage of good business prospects in the longer term. Air Hong Kong currently operates scheduled services from Hong Kong to Japan, Korea, Europe and the Middle East with a fleet of three Boeing 747-200 freighters leased from Cathay Pacific.

Cathay Pacific Chairman Mr James Hughes-Hallett said, "Cathay Pacific has always promoted Hong Kong as Asia's leading logistics hub. Making Air Hong Kong a wholly owned subsidiary underlines that commitment. Although there is currently a surplus of capacity in the air cargo market, Cathay Pacific sees this as an opportunity to invest in the future and position itself to take advantage of an upturn in the market when economic conditions improve."

Source: Cathay Pacific Airways Limited
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