Cathay Pacific gives CNAC shares to Asian charities

Cathay Pacific gives CNAC shares to Asian charities

   Cathay Pacific Airways Ltd. has donated its shareholding in China National Aviation Co. Ltd. (CNAC) worth more than HK$181 million ($23.3 million) to 71 Asian charities.

   The donation of the 64.7 million shares has been made in relation to Cathay’s integration of Dragonair and the privatization offer for CNAC by Air China.

   Under the Hong Kong Takeovers Code, Cathay Pacific couldn’t exercise its votes in the CNAC privatization.

   “During the transaction process we found ourselves facing a difficult regulatory problem, which had a very agreeable solution,” said Philip Chen, Cathay’s chief executive.