Cathay Pacific hits 6-week low on Swire's unloading shares
BUZZ-Cathay Pacific hits 6-week low on Swire's unloading shares ** Shares of Cathay Pacific Airways 0293.HK fall 4.4% to HK$13.42, their lowest since July 22, as key shareholder Swire Pacific 0019.HK says it will sell shares
** Hong Kong flagship carrier on course for biggest one-day pct fall since June 10 in fifth straight declining session
** Third-most traded stock on Hong Kong bourse after Tencent 0700.HK and Alibaba 9988.HK on-day
** Swire Pacific said on Wednesday it has executed the Accelerated Exchange Trade which would result in net sale of 362.65 million Cathay Pacific shares, or 5.96% of the carrier's total issued shares, at HK$13.20 per share
** Accelerated Exchange Trade comprises repurchase of HK$4.689 billion in aggregate principal amount of exchangeable bonds due 2027 and sale of the Cathay Pacific shares, resulting in overall net gain of HK$704 million -- Swire
** Swire Pacific's shareholding in Cathay Pacific will decrease to 39.15% on deal completion
** Swire Pacific slips 2.4% to HK$103.2
** YTD, Cathay Pacific stock up 10.5%, Swire Pacific shares up 66.7%
(Reporting by Donny Kwok)
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