Hong Kong Express

Cathay Pacific to buy budget airline Hong Kong Express

The purchase will be made in cash and through promissory loan notes, the company said in a stock filing.

Hong Kong Express, which flies to destinations across Asia, will become a wholly-owned subsidiary of Cathay Pacific.

Cathay Pacific has been overhauling its business to cut costs, and returned to profit in 2018.

"We intend to continue to operate Hong Kong Express as a stand-alone airline using the low-cost carrier business model," a Cathay Pacific spokesperson said in a statement.