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Wed, 15 July 2020

Hong Kong Government Names Two Observers for Board of Cathay Pacific

The Hong Kong Government has named Carlson Tong and Rimsky Yuen as observers to the Board of Cathay Pacific Airways, with immediate effect.

Both men will serve as observers to the board and will help safeguard the government's significant investment in Cathay Pacific.

In June 2020, the Hong Kong Government decided to invest $27.3 billion in the Cathay Group through the Land Fund, comprising preference shares with detachable warrants of $19.5 billion and a bridge loan of $7.8 billion to uphold Hong Kong's status as an international aviation hub amid the threat arising from COVID19.

Cathay Pacific Airbus A350. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.

As part of the investment agreement, the government is able to designate two observers to the group's Board of Directors, until the group repays the government in full the drawn bridge loan and interest and redeems all preference shares from the government.

The designated observers have no voting rights at board meetings. They shall have the right to receive notice of board meetings, attend and speak at all board meetings, receive all information and papers distributed to the board, and have access to management and to all information about the company.

Mr Tong has been active in public and community services, possesses extensive knowledge and significant experience in the financial services sector, was an Airport Authority board member and is familiar with the Hong Kong aviation industry's operation.

Mr Yuen is a seasoned legal expert in commercial and civil matters with vast experience in public services and administration.

See also: Cathay Pacific Unveils Details of Major Recapitalisation Plan.

See latest Travel News, Video Interviews, Podcasts and other news regarding: COVID19, Hong Kong, Cathay Pacific.

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