John Swire & Sons exits direct holding in Swire Properties

The $630 million placement comes more than a month before the expiry of an existing lockup, but investors welcome the removal of the overhang and pile into the deal.
<div style="text-align: left;">
Swire's upmarket Pacific Place development
</div>
<div style="text-align: left;"> Swire's upmarket Pacific Place development </div>

Less than two months after its previous sell-down, John Swire Sons last night sold the remainder of its directly owned shares in Hong Kong-listed Swire Properties, raising HK$4.88 billion $630 million.

The sale came as a surprise since the shares in question were supposed to be locked up until mid-November. However, the bookrunners on the previous trade decided to waive the rest of that three-month lockup following reverse inquiries from a few investors and after the share price had recovered to trade a touch above the level where it was before the previous deal.

Because it was widely expected that UK-headquartered John Swire Sons...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222