Cathay Pacific
The privatization of Cathay Pacific
Cathay was founded by American Roy C. Farrel and Australian Sydney H d Kantzow in Hong Kong on September 24th 1946. The new company began flights to Singapore, Manila, Shanghai and Bangkok. Their company's expansion was rapid, and by 1948 Butterfield & Swire (today known as the Swire Group) bought a share of 45%. Under John Kidston Swire, the company took full responsibility of the company.
Between 1962 - 1967, the company grew at a rate of 20% a year and in this period they initiated international flights to Japan.
In 1979, Cathay applied to have a traffic right in London. During the period of the 80's, the company started to expand to Zurich, Frankfurt, Brisbane, London and many other destinations in Europe.
By the mid 90's, they have one of the youngest fleet in fleet in the world, while their replacement program included a $9billion project on new aircraft.
Their headquarter, Cathay Pacific City was completed in 1999 located in Hong Kong International Airport. In the year 2000, they generated a $5 billion. In 2002, the company became joint venture partners with DHL in Air Hong Kong which has a fleet of eight A300 freighter aircraft. In 2005, they won the "Best Airline in the World" award by SkyTrax, and by Air Transport World magazine in 2006.
On 28 September 2006 Cathay Pacific signed an agreement that brought DragonAir into the Cathay Pacific Group as a wholly owned subsidiary. At the same time Cathay Pacific established a closer relationship with Air China, and started to have minority stakes in each other. Cathay Pacific, which is about 30%-owned by Air China, said earlier it would always be interested in acquiring more Air China shares at the right time and price because the two carriers are strategic partners.
The current major shareholders of Cathay Pacific are Swire Pacific Limited at 43.97%, Air China who owns 29.99% and CITIC Pacific Limited at 1.98%.
Throughout their history, Cathay Pacific has always been a private company. It's venture with Air China to swap deals actually resulted in the involvement of the government of the People's Republic of China to have a share too, as they themselves have a share in Air China.
Cathay Pacific is an efficient very efficient and effective and that is why it is considered one of the best airlines there is today.
Cathay was founded by American Roy C. Farrel and Australian Sydney H d Kantzow in Hong Kong on September 24th 1946. The new company began flights to Singapore, Manila, Shanghai and Bangkok. Their company's expansion was rapid, and by 1948 Butterfield & Swire (today known as the Swire Group) bought a share of 45%. Under John Kidston Swire, the company took full responsibility of the company.
Between 1962 - 1967, the company grew at a rate of 20% a year and in this period they initiated international flights to Japan.
In 1979, Cathay applied to have a traffic right in London. During the period of the 80's, the company started to expand to Zurich, Frankfurt, Brisbane, London and many other destinations in Europe.
By the mid 90's, they have one of the youngest fleet in fleet in the world, while their replacement program included a $9billion project on new aircraft.
Their headquarter, Cathay Pacific City was completed in 1999 located in Hong Kong International Airport. In the year 2000, they generated a $5 billion. In 2002, the company became joint venture partners with DHL in Air Hong Kong which has a fleet of eight A300 freighter aircraft. In 2005, they won the "Best Airline in the World" award by SkyTrax, and by Air Transport World magazine in 2006.
On 28 September 2006 Cathay Pacific signed an agreement that brought DragonAir into the Cathay Pacific Group as a wholly owned subsidiary. At the same time Cathay Pacific established a closer relationship with Air China, and started to have minority stakes in each other. Cathay Pacific, which is about 30%-owned by Air China, said earlier it would always be interested in acquiring more Air China shares at the right time and price because the two carriers are strategic partners.
The current major shareholders of Cathay Pacific are Swire Pacific Limited at 43.97%, Air China who owns 29.99% and CITIC Pacific Limited at 1.98%.
Throughout their history, Cathay Pacific has always been a private company. It's venture with Air China to swap deals actually resulted in the involvement of the government of the People's Republic of China to have a share too, as they themselves have a share in Air China.
Cathay Pacific is an efficient very efficient and effective and that is why it is considered one of the best airlines there is today.
Iliyas, I like the idea of this blog!!
ReplyDelete-classmate!
Glad that you liked it, maybe you should have one like it too :)
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