Swire Properties was spun off from Swire Pacific and began trading in Hong Kong today. The newly-independent property unit is trading at HK$17.42 far below its adjusted book value of $HK29.20. Former parent Swire Pacific, which also owns Cathay Pacific airlines, offshore vessels, and is a Coca Cola bottler, traded down 2.7% to HK$76.80 on the distribution. Disclosure:… Read More »
We wrote briefly about Swire Pacific’s upcoming spin off of Swire Properties, but didn’t reference Swire’s comprehensive announcement. The record date for the conditional dividend will be January 6, 2012, with distribution in February. Overseas shareholders(non-Hong Kong) will have their shares in the new firm sold and receive cash instead. The distribution is conditional on receiving listing approval,… Read More »
I know little more than nothing about Hong Kong stocks, but wanted to share the announcement that Swire Pacific will distribute 7 shares of Swire Properties for each 10 “A” shares or 50 “B” shares. The distribution will take place on January 18, to holders as of January 5. Do any of the more cosmopolitan folk out there… Read More »