Cathay Pacific’s HK$11.7 billion rights issue oversubscribed as investors bet on recovery of the embattled airline

Cathay Pacific’s HK$11.7 billion (US$1.5 billion) rights issue has been oversubscribed, wrapping up the only item of the three-part HK$39 billion recapitalisation package designed for rescuing the embattled airline that required minority shareholders’ funding. The company said in a Hong Kong stock exchange filing on Friday evening that the rights issue was 137 per cent oversubscribed, adding that it had received...