Cathay Pacific (CX, Hong Kong Int'l) says it has completed its acquisition of 100% of the shareholding of HK Express (UO, Hong Kong Int'l) from HNA Group. In a statement, Cathay Pacific said the acquisition was completed on July 19.

Cathay Pacific's Director (Commercial & Cargo), Ronald Lam, has been appointed the new CEO of HK Express.

In March this year, Cathay Pacific said it would acquire all of HNA Aviation Group Co.'s 315,060,716 ordinary shares in HK Express for a consideration of HKD4.93 billion Hong Kong dollars (USD628.1 million).

At the time, Cathay said that of the total amount, HKD2.25 billion (USD286.66 million) would be paid in cash while the remaining HKD2.68 billion (USD341.44 million) would be paid through the issue and novation of promissory loan notes.

A low-cost carrier, HK Express operates eight A320ceo, five A320neo, and eleven A321ceo on scheduled flights to 27 destinations spread across Thailand, South Korea, Vietnam, Japan, China, the Northern Mariana Islands, Taiwan, and Cambodia.

Cathay Pacific's stable of carriers also includes regional full-service carrier Cathay Dragon (KA, Hong Kong Int'l) and cargo specialist Air Hong Kong (LD, Hong Kong Int'l).