Qatar Airways says it will sell its stake in Cathay Pacific Airways for $896 million, ending an eight-year involvement with the Hong Kong-based airline. Cathay Pacific's stock rose by 4% on the Hong Kong Stock Exchange on Thursday following the announcement late Wednesday. Qatar Airways will sell its entire 9.57% holding in Cathay Pacific. Cathay Group chairman Patrick Healy expressed confidence in the airline's future. Qatar Airways bought its stake in 2017 for around $662 million. Back then, Cathay Pacific faced financial losses and layoffs amid increasing competition from other airlines. The Hong Kong carrier posted a $1.2 billion profit in the last fiscal year.
