The airline confirmed that it is in active discussions about an acquisition involving Hong Kong Express Airways.
Cathay Pacific said in a statement:
“No agreement for the acquisition has been entered into and there can be no certainty that any agreement will be entered into. Further announcement(s) will be made as and when appropriate.”
The acquisition hunt also comes as Cathay Pacific prepares to post its first profit in three years for last year. Its preliminary estimate put profit attributable to shareholders at 2.3 billion Hong Kong dollars ($293 million).
This is not the first time Cathay Pacific has sought to snap up homegrown rivals. Past purchases have included Dragon Air and Air Hong Kong. Now, it is also reportedly looking to buy full-service carrier Hong Kong Airlines from the HNA Group, although the company did not confirm this.
Hong Kong Express Airways provides scheduled air service to 28 destinations in Asia, including China, Japan, Korea, Cambodia, Myanmar, Vietnam, Taiwan