Unnamed investors join Cathay Pacific in pursut of HK Express
HONG Kong flagcarrier Cathay Pacific Airways is facing competition in its bid to acquire HK Express, according to a senior executive of the low-cost carrier, the SCMP reported
HONG Kong flagcarrier Cathay Pacific Airways is facing competition in its bid to acquire HK Express, according to a senior executive of the low-cost carrier, the SCMP reported.
HK Express' chief commercial officer Jonathan Hutt did not provide names or details, but said: 'Our board of directors has received interest from certain strategic investors, and it's very early stages.
'There has been no firm commitment to any deal and there is no guarantee that a concrete deal is going ahead.'
Cathay Pacific, Hong Kong's biggest airline, confirmed on Tuesdaythat it was keen to acquire the city's only budget carrier to compete for a wider range of customers while taking advantage of financial woes at troubled mainland Chinese conglomerate HNA Group, owner of HK Express.
The news that there was more than one interested party came as HK Express unveiled a slick new marketing drive with the slogan 'Your move', which has taken on an added meaning given the latest events.
HK Express said its growth, since converting into a budget airline in 2013 with just three aircraft, demonstrated the success of its strategy of flying to well-known destinations, competing against the likes of Cathay Pacific and even its own ailing sister carrier, Hong Kong Airlines.