In this file photo taken on March 10, 2020, a Cathay Dragon passenger airplane takes off as Cathay Pacific aircraft are seen parked on the tarmac at Hong Kong’s Chek Lap Kok International Airport. Photo by Anthony WALLACE / AFP
HONG KONG — Trading in shares for Cathay Pacific — and its two biggest shareholders Air China and Swire — was suspended in Hong Kong on Tuesday ahead of an expected announcement.
The suspensions come as Cathay, Hong Kong’s flagship carrier, battles a devastating slump in business sparked by the global coronavirus pandemic.
Like many airlines hammered by the crisis, the carrier has seen passenger numbers all but evaporate in recent months leaving most of Cathay’s fleet sitting on the tarmac and the company haemorrhaging cash.
Neither Cathay nor the Swire statements to the Hong Kong Stock Exchange gave a reason for the suspension.
But Air China said the halt in trading was “pending the release of an inside information announcement”.
Swire, a Hong Kong and British conglomerate with colonial-era roots, has a 45 percent stake in Cathay while Air China owns 30 percent.