| For immediate release | 18 January, 2012 |
(18 January 2012, 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.
About Swire Properties
Swire Properties is a leading developer of mixed-use, principally commercial, properties in Hong Kong and Mainland China. The Company's investment portfolio in Hong Kong totals over 14 million square feet (over 1.3 million square metres)* of gross floor area. Its principal completed investment properties in Hong Kong comprise Pacific Place and Island East, which includes TaiKoo Place and Cityplaza.
In Mainland China, Swire Properties has large scale and well located mixed-use projects which have been developed or are under development in Beijing, Shanghai, Guangzhou and Chengdu. The Company's portfolio of investment properties (comprising those completed and those under development or held for future development) in Mainland China amounts to approximately 9 million square feet (approximately 0.8 million square metres)* of gross floor area.
In addition to Hong Kong and Mainland China, the Company has a presence in the United States and the United Kingdom.
Visit Swire Properties' website at www.swireproperties.com.
* On an attributable basis.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation. In particular, this announcement does not constitute and is not an offer to sell or a solicitation of any offer to buy securities in Hong Kong, the United States or elsewhere.
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