{"id":28805,"date":"2023-06-28T17:33:45","date_gmt":"2023-06-28T21:33:45","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/hks-swire-pacific-sells-u-s-drinks-unit-to-shareholder-for-3-9-billion\/"},"modified":"2023-06-28T17:33:47","modified_gmt":"2023-06-28T21:33:47","slug":"hks-swire-pacific-sells-u-s-drinks-unit-to-shareholder-for-3-9-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28805","title":{"rendered":"HK’s Swire Pacific sells U.S. drinks unit to shareholder for $3.9 billion"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Logo of Swire Group is seen in Hong Kong, China December 6, 2017. REUTERS\/Tyrone Siu<\/span>
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(Reuters) -Hong Kong-based conglomerate Swire Pacific (OTC:) Ltd said on Wednesday it would sell its Swire Coca-Cola (NYSE:) USA unit for $3.9 billion to its controlling shareholder, John Swire & Sons Ltd.<\/p>\n

Swire Coca-Cola USA produces and sells Coca-Cola and other drinks across 13 U.S. states.<\/p>\n

Swire Pacific, which owns a 45% stake in Hong Kong’s flagship carrier Cathay Pacific Airways (OTC:), expects a consolidated gain of about HK$22.80 billion ($2.91 billion) from the deal, it said.<\/p>\n

Once the sale goes through, it will use about half the proceeds to propose payment of a special dividend in aggregate of HK$11.7 billion, it added. <\/p>\n

The sale is in line with Swire Pacific’s focus on businesses in the Greater China area and Southeastern Asia, it said in a filing, and will help it fund long-term investments in both core divisions and new growth areas. <\/p>\n

The deal will also help it cut net debt, shore up its balance sheet and strengthen financial flexibility, it said.<\/p>\n

In an agreement with an initial 13-year term, Swire Pacific unit Swire Coca-Cola Ltd will provide management and administrative support to the sold U.S. firm and receive an annual fee of at least HK$117 million, the filing showed.<\/p>\n

($1 = 7.8323 Hong Kong dollars)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Logo of Swire Group is seen in Hong Kong, China December 6, 2017. REUTERS\/Tyrone Siu (Reuters) -Hong Kong-based conglomerate Swire Pacific (OTC:) Ltd said on Wednesday it would sell its Swire Coca-Cola (NYSE:) USA unit for $3.9 billion to its controlling shareholder, John Swire & Sons Ltd. Swire Coca-Cola USA produces […]<\/p>\n","protected":false},"author":1,"featured_media":28806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-28805","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nHK's Swire Pacific sells U.S. drinks unit to shareholder for $3.9 billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Logo of Swire Group is seen in Hong Kong, China December 6, 2017. 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