Subsidiary's Asset Disposal Has no Impact on Valuation for Swire Pacific
Swire Properties, Swire Pacific’s consolidated subsidiary, reported that it entered into an agreement to dispose of its interest in a commercial project located in Kowloon Bay for HKD 6.5 billion. Based on Swire Pacific’s 82% interest in Swire Properties, Swire Pacific is expected to net a disposal gain of HKD 959 million. The payment is staggered with 10% deposit, 10% due in 90 days, 5% due upon preletting. The remaining 75% is due upon the project’s completion, which is expected to be by the e...Swire Pacific is a holding company. Co. operates in five divisions: property, which is engaged in developing, owning and operating mixed-use, principally commercial properties in Hong Kong and Mainland China; aviation, which comprises investments in the Cathay Pacific group and the Hong Kong Aircraft Engineering Company group; beverages, which manufactures, markets and distributes refreshing soft drinks; marine services, which invest in vessels and equipment and develop its services with a view to providing offshore support to the global oil and gas industry; and Trading & Industrial, which markets and sells internationally branded goods to consumers.
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