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
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