HONG KONG (Dec 21): Swire Pacific Ltd said on Wednesday that the spinoff of Swire Properties Ltd by way of introduction would be achieved by a distribution of shares in the unit to existing shareholders, with a market debut scheduled for Jan 18.

In a filing to the Hong Kong bourse, Swire Pacific said it would distribute Swire Properties shares to shareholders in the proportion of seven Swire Properties shares for every 10 Swire Pacific A shares held, and seven Swire Properties shares for every 50 Swire Pacific B shares held.

In October, Swire Pacific said it had applied to the Hong Kong stock exchange to list its unit Swire Properties and would distribute 18% of Swire Properties shares to qualifying shareholders.

The planned listing is by way of introduction, meaning it will not sell Swire Properties shares in conjunction with the listing.

Swire Pacific A shares rose to HK$95 (RM38.68) in early trading on Wednesday, the highest in more than two weeks. — Reuters

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