Less than two months after its previous sell-down, John Swire Sons last night sold the remainder of its directly owned shares in Hong Kong-listed Swire Properties, raising HK$4.88 billion $630 million.
The sale came as a surprise since the shares in question were supposed to be locked up until mid-November. However, the bookrunners on the previous trade decided to waive the rest of that three-month lockup following reverse inquiries from a few investors and after the share price had recovered to trade a touch above the level where it was before the previous deal.
Because it was widely expected that UK-headquartered John Swire Sons...
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