Swire Pacific says applies for property unit spinoff

HONG KONG: Swire Pacific Ltd said on Thursday, Oct 27 that it has applied to the Hong Kong stock exchange to list its unit Swire Properties Ltd and will distribute 18% of Swire Properties shares to qualifying shareholders.

The planned listing would be by way of introduction, meaning it would not sell Swire Properties shares in conjunction with the listing, Swire Pacific said in a statement.

"Following completion of the proposed spinoff, Swire Properties will be able to raise capital from the equity capital market in the future should the need arises," the property conglomerate said.

The listing is subject to regulatory approval and the final decision of Swire Properties, the property investment and trading company said. — Reuters