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    19   HK0019000162

SWIRE PACIFIC LIMITED

(19)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-09-30 am EDT
58.75 HKD   +1.12%
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Cathay Pacific given extension to draw down $1 billion govt loan

06/07/2021 | 10:07pm EDT
FILE PHOTO: A passenger walks to the First Class counter of Cathay Pacific Airways at Hong Kong Airport in Hong Kong

(Reuters) - Cathay Pacific Airways Ltd said on Tuesday that the Hong Kong government had agreed to extend the drawdown period for a HK$7.8 billion ($1.01 billion) loan facility by a year to June 2022, giving it more flexibility to manage liquidity.

The bridge loan was part of a $5 billion rescue package led by the Hong Kong government and Cathay's major shareholders Swire Pacific Ltd and Air China Ltd last year to help the airline weather the COVID-19 crisis.

Cathay Chief Executive Augustus Tang said in a statement the airline had not yet drawn down on the loan as it adopted a suite of measures to save cash, but the extension would give it more flexibility to manage its liquidity position.

Cathay had HK$28 billion of liquidity as of December 2020 and also raised HK$6.74 billion from a convertible bond issue in February and $650 million in a bond issue last month.

The airline's move to access as much liquidity as possible at a time when passenger numbers are down by more than 99% from 2019 levels follows a decision by rival Singapore Airlines Ltd last month to issue S$6.2 billion ($4.69 billion) of convertible bonds.

The Singapore Airlines convertible bonds, underwritten by majority shareholder Temasek Holdings, were an optional part of a state investor-led S$15 billion rescue package announced last year.

Both airlines lack domestic markets at a time when international borders are still largely shut.

($1 = 7.7591 Hong Kong dollars)

($1 = 1.3224 Singapore dollars)

(Reporting by Jamie Freed in Sydney; Editing by Muralikumar Anantharaman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED -1.96% 6 Delayed Quote.12.50%
CATHAY PACIFIC AIRWAYS LIMITED -0.72% 8.28 Delayed Quote.30.52%
MSCI SINGAPORE (GDTR) -0.18% 5278.51 Real-time Quote.-15.92%
SINGAPORE AIRLINES LIMITED -0.39% 5.1 Delayed Quote.2.61%
SWIRE PACIFIC LIMITED 1.12% 58.75 Delayed Quote.31.00%
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Financials
Sales 2022 91 578 M 11 666 M 11 666 M
Net income 2022 6 191 M 789 M 789 M
Net Debt 2022 37 104 M 4 727 M 4 727 M
P/E ratio 2022 14,1x
Yield 2022 4,99%
Capitalization 78 696 M 10 025 M 10 025 M
EV / Sales 2022 1,26x
EV / Sales 2023 1,14x
Nbr of Employees 80 000
Free-Float 41,8%
Chart SWIRE PACIFIC LIMITED
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Technical analysis trends SWIRE PACIFIC LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 7
Last Close Price 58,10 HKD
Average target price 73,79 HKD
Spread / Average Target 27,0%
EPS Revisions
Managers and Directors
Martin James Murray Executive Director & Finance Director
Guy Martin Coutts Bradley Chairman
Chien Lee Independent Non-Executive Director
Wai Mun Lee Independent Non-Executive Director
Gordon Robert Halyburton Orr Independent Non-Executive Director
Sector and Competitors