Mango Aviation (www.mangoaviation.com
) wish to congratulate all involved in the sale of 100% HKExpress to Cathay Pacific for a planned consideration of HK$4.93bn/US$628m, announced today. This marks the start of an exciting next step for HKExpress as Cathay Pacific moves to deployment of a twin-brand strategy encompassing both the premium and low fare segments of the air travel market.
Mango’s involvement with HKExpress started in 2013 when it was appointed by the major shareholder in Hong Kong Express Airlines, to develop a turn-round strategy after 10 years of financial losses. Mango developed a strategic plan to restructure the airline into Hong Kong’s one and only low cost carrier (LCC) rebranded HKExpress and were invited by HKExpress’ shareholders to deliver the plan. The plan was successfully executed with HKExpress growing quickly from 5 to 24 A320 family aircraft, operating a restructured network operating across Asia under the LCC business model. HKExpress won many awards in recognition of its turnaround and started to move into profitability and positive cashflow in 2014.
In 2018, with HKExpress’ shareholders needing to realise some of their investments, various of Mango’s key people initiated the search for new investors, culminating in today’s announcement. We wish Cathay Pacific and all at HKExpress, every success going forward.
Source: HKEX News filing 7/03/2019 at 0820 – www3.hkexnews.hk