Swire Properties shares recover some lost ground as parent sells stake

Swire Properties shares sank up to 4.4 per cent after the Hong Kong unit of the developer’s parent agreed to sell its direct stake in the group for HK$4.88 billion (US$629.2 million), helping it towards meeting a regulatory requirement.

The Hong Kong subsidiary of Swire’s British-based parent John Swire & Sons plans to sell 216.94 million shares, or 3.71 per cent of the total share capital, in Swire at HK$22.51 apiece, according to a filing to the Hong Kong stock exchange. That is a 6.01 per cent discount to the closing price on Wednesday.

via Business feed http://www.scmp.com/business/companies/article/1053632/swire-properties-shares-recover-some-lost-ground-parent-sells