On the Main Board of the Stock Exchange of Hong Kong
Swire Properties Limited (“Swire Properties” or “the Company”) (stock code: 1972) is pleased to announce that trading in its shares commenced at 9:30am today, following the Company’s successful listing by way of introduction on the Main Board of the Stock Exchange of Hong Kong.
Christopher Pratt, Chairman of Swire Properties, said, “This is a milestone for the Company, allowing us to strengthen further our position as a leading developer of and investor in mixed-use commercial properties. The listing will enable Swire Properties to raise funds from the equity capital markets in the future should the need arise. This is an exciting time for us, and we are well positioned for future growth.”
Martin Cubbon, Chief Executive of Swire Properties, said, “In our 40 years of operations, we have established a reputation for our transformational property developments, and for our track record as a property manager and a landlord. While we intend to look for opportunities to expand our portfolio selectively overseas, we will continue to focus on developing our core business in Hong Kong and Mainland China.”
Founded in Hong Kong in 1972, Swire Properties’ business activities comprise three main areas, namely property investment, property trading, and hotel investment and management. The Company focuses principally on Hong Kong and Mainland China, where it aims to replicate the success it has had in Hong Kong with large-scale mixed-use projects.
As part of the listing, Swire Properties’ parent company, Swire Pacific Limited (“Swire Pacific”), distributed in specie an aggregate of 1,053,234,165 shares, or approximately 18% of the issued share capital of Swire Properties, to qualifying Swire Pacific shareholders in proportion to their respective shareholdings on the record date (6 January 2012). The qualifying shareholders are entitled to seven shares for every 10 Swire Pacific ‘A’ shares held and seven shares for every 50 Swire Pacific ‘B’ shares held on the record date. Following the listing, Swire Pacific holds approximately 82% of Swire Properties.
The joint sponsors of the listing (in alphabetical order) are BOCI Asia Limited, Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited and Morgan Stanley Asia Limited. Moelis & Company Asia Limited acted as the financial adviser to Swire Properties and Swire Pacific.