The Cathay Group has bought back 50% – HK$9.75 billion – of the HK$19.5 billion preference shares that were issued to the Hong Kong SAR Government as part of the Cathay Group's recapitalisation financing in 2020. The Group intends to buy back the remaining 50% by the end of July 2024, subject to market conditions and its business operations at the relevant time. Cathay Group CEO Ronald Lam said: "We are extremely grateful to the Hong Kong SAR Government and to our shareholders for the support they have provided during and since the pandemic. The investment by the Government was essential in supporting the Cathay Group and upholding Hong Kong's status as an international aviation hub through the COVID-19 crisis."
