HONG KONG Oct 3 Swire Properties Ltd's
biggest shareholder plans to sell about $648 million
worth of shares in the real estate developer in a block
offering, IFR reported on Monday, citing sources with knowledge
of the deal.
John Swire & Sons is offering 217 million shares in Swire
Properties, which was spun off from Swire Pacific Ltd
in January, at a range of HK$22.51-HK$23.23, added IFR, a
Thomson Reuters publication.
The deal comes after John Swire & Sons received a waiver
from a 90-day lockup on the stock, as it sold another block
worth $645 million in Swire Properties in August.
The selldown could total as much as HK$5.04 billion with
shares offered at a discount of 3 percent to 6 percent from
Monday's close of HK$23.95 each.
BOC International, HSBC, JPMorgan and
Morgan Stanley are managing the deal, IFR added.