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HONG KONG/DOHA: November 06, 2017. Qatar Airways is buying 9.6 percent of Cathay Pacific Airways (CX) for HK$5.16 billion (US$661 million). The shares are being sold by Hong Kong-based Kingboard Chemical Holdings.

The airline is acquiring 378,188,000 shares of CX held by Kingboard Chemical, Kingboard Investments and Kingboard Laminates.

CX  DOHAIn a statement Kingboard said it would realize a profit of HK$800million on the cash sale that is expected to close in Hong Kong on November 06.

Qatar Airways Group CEO Akbar Al Baker said: "Qatar Airways is very pleased to complete its financial investment in Cathay Pacific." "Cathay Pacific is a fellow oneworld member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future."

In 2014 the two carriers signed an agreement to operate daily flights between Doha and Hong Kong. CX began flying to Doha (right) on March 30 of that year.

The Doha-based airline also holds a 20 percent stake in International Airlines Group (IAG), 10 percent in LATAM Airlines Group and a 49 percent shareholding in Italian regional airline Meridiana.

In August Qatar Airways announced it would not be buying a 7.5 percent stake in IAG oneworld partner American Airlines for an estimated US$808 million after its CEO Doug Parker said "we aren't particularly excited".

American has also canceled its codeshare agreement with Qatar Airways as of March 25, 2018.

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