(Updates with new stake size in second paragraph.)
Oct. 27 (Bloomberg) -- Swire Pacific Ltd., the Hong Kong commercial landlord and owner of the city’s biggest airline, submitted an application to list its property unit by way of introduction on the Hong Kong stock exchange.
Swire will distribute an 18 percent stake in Swire Properties Ltd. to shareholders of the listed company, according to today’s statement. Swire said in a Sept. 22 statement to the exchange it would distribute a 17 stake.
Swire Pacific sold the Festival Walk shopping center to a unit of Singapore’s Temasek Holdings Pte for HK$18.8 billion ($2.4 billion), the biggest property transaction for the Hong Kong landlord. Proceeds from the sale will give Swire Properties “sufficient capital for its current funding requirements,” according to the Sept. 22 statement.
Swire Properties scrapped its IPO plan in 2010 to raise as much as HK$20.8 billion citing market conditions.
Link to Statement: NSN LTPZHK3PWT1E <GO>
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