Cathay Pacific (CX, Hong Kong International) has confirmed Qatar Airways (QR, Doha Hamad International) has acquired an approximately 9.61% stake in the Hong Kong-based carrier.

A filing to the Hong Kong stock exchange on Monday, November 6, said the Gulf carrier would acquire 378,188,000 shares in Cathay Pacific from Hong Kong-based Kingboard Chemical Holdings and related companies for HKD5.16 billion (USD661 million). Following the sale's completion, Air China and Swire Group will hold a combined 74.99% of Cathay Pacific shares.

“Qatar Airways is one of the world’s premier airlines," Cathay Pacific Chief Executive Officer, Rupert Hogg said. "We already work together closely as fellow members of the Oneworld alliance and we look forward to a continued constructive relationship."

So far this year, the Qatari carrier has acquired/increased its shareholdings in various airline initiatives including the IAG International Airlines Group (20%), LATAM Airlines Group (10%), and 49% in AQA Holding (parent of Meridiana fly).