18 Dec 2023

UPS announces new hub at Hong Kong International Airport

Cathay Pacific buys back Hong Kong Special Administrative Region (HKSAR) Government shares

The Cathay Group has reached another key milestone in it rebuild journey with the buyback of 50% HK$9.75 billion of the HK$19.5 billion preference shares that were issued to the Hong Kong Special Administrative Region (HKSAR) Government as part of the Cathay Group’s recapitalisation financing in 2020. The Cathay Group also plans to buy back the remaining 50% by the end of July 2024, subject to market conditions.

Cathay Group Chief Executive Officer Ronald Lam said “We are extremely grateful to both the HKSAR Government and to our shareholders for the continued support they have provided both 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. That we have been able to redeem half of the preference shares is testament to the hard work of our people and the encouraging progress we have made in our journey to rebuild. We will continue to commit ourselves toward our vision to become one of the world’s greatest service brands and the pride of Hong Kong once again”.

UPS announces new hub at Hong Kong International Airport

The Hong Kong Airport Authority and UPS have entered into an agreement that improves UPS service to customers and enhances the company’s operations in Asia with a new hub at the Hong Kong International Airport. The new hub will serve as UPS Hong Kong’s main facility for processing and sorting imports, exports, and transshipments, to and from Europe, the U.S., and other parts of Asia. The hub is expected to be completed by 2028 and will be built on a land parcel of 20,000 square metres with direct access to aircraft designed to handle close to 1 million tons annually.

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