Cathay Pacific and major shareholders halt trading in Hong Kong

The airlines is poised to announce a new CEO at Cathay Dragon.

Cathay Pacific Airways and its major shareholders Swire Pacific and Air China halted trading in their shares in Hong Kong on 9 June pending announcements.

Cathay’s management team on 5 June met with the leaders of pilot unions at Cathay Pacific and its regional arm Cathay Dragon to brief them on condition of confidentiality ahead of an announcement expected on Tuesday, three sources with knowledge of the matter told Reuters.

A fourth person said Hong Kong’s Cathay was poised to announce a new chief executive at Dragon along with some other senior management changes. The sources declined to be identified because they were not authorised to speak with the media.

Swire owns a 45% stake in Cathay and Air China owns 30%.

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