Cathay Pacific Airways has announced that it has agreed to sell 20,700,958 shares, representing 12.45 per cent of its shareholding in Hong Kong Aircraft Engineering Company (HAECO) at HK$91.83 (US$11.85) per share to parent Swire Pacific, a transaction valued at approximately HK$1,901 million. In accordance with stock exchange listing rules, the transaction is subject to the approval of Cathay Pacific’s independent shareholders. If approved, Cathay Pacific’s direct interest in the issued share capital of HAECO will decrease from 27.45 per cent to 15 per cent, while Swire Pacific’s stake in the maintenance provider will rise from 33.52 per cent to 45.96 per cent.