Qatar Airways will sell its stake in Hong Kong-based Cathay Pacific Airways in a share buyback valued at $896 million, the companies announced, ending the Qatari carrier's eight-year involvement with the airline.

The announcement came late Wednesday in a stock market filing by Cathay Pacific, which saw its shares gain 4.2% on the Hong Kong Stock Exchange on Thursday.

Under the agreement, Qatar Airways will sell all of its holdings, which represent 9.57% of Cathay Pacific stock. The airline's other major shareholders are Swire Pacific and Air China. The plan is subject to shareholder approval.

“The buy-back reflects our strong confidence in the future of the Cathay Group and underscores our commitment to the development of the Hong Kong international aviation hub," Cathay Group chairman

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