Cathay Pacific shares rises over 3% after announcing restructuring plan

[HONG KONG] Shares of Cathay Pacific Airways jumped more than 3 per cent after the Hong Kong flagship carrier announced a restructuring plan involving jobs cuts and a decision to end its regional Cathay Dragon brand.

The stock climbed as high as HK$5.92, up 3.5 per cent from the previous close. That compared to a 0.5 per cent gain in the Hong Kong benchmark Hang Seng Index.

Cathay Pacific said on Wednesday it would cut 5,900 jobs and end its regional Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.

REUTERS