Air Transport World

Dragonair: Kong Dragon Airline Ltd., Cathay Pacific Airways Ltd.)(Brief article)

The Hong Kong-based carrier will become a wholly owned subsidiary of Cathay Pacific under a deal announced last month. Under a June 9 agreement, Cathay will spend HK$8.22 billion ($1.06 billion) to acquire the 82.2% it does not currently hold.

Cathay is paying top dollar, but Dragonair, which does not release financial results is believed to be highly profitable and serves 23 mainland cities--more any other nonmainland carrier--with more than 300 flights per week. It also serves 32 destinations in the Asia/Pacific region. …

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