Cathay Pacific stock offer
NZPA Hong Kong The flotation of shares in Cathay Pacific Airways will be worth more than SHKI.SB (5NZ349.7M) in Hong Kong’s biggest public stock offer in five years, the firm’s financial advisers said yesterday. Officials at Baring Brothers told reporters that 397 M shares in the territory’s leading airline would be sold at SHK3.BB (SNZ9I.9c) each, putting 15 per cent of the firm
technically in public hands. But they said about a dozen major investment firms and airline employees could buy 6.5 per cent, leaving only 8.5 per cent for the general public. The airline is owned by local trader Swire Pacific and the territory’s largest bank, the Hong Kong and Shanghai Banking Corporation. Brokers said they were disappointed that more shares would not be available to the general public. “This doesn’t leave much for the man in the street,” said a broker with a European securities house. The offer will be Hong Kong’s largest since the Hong Kong and Shanghai Bank raised SHK2B (SNZ47OM) with an issue of stock to own shareholders in March 1981.
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Press, 18 April 1986, Page 12
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180Cathay Pacific stock offer Press, 18 April 1986, Page 12
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