Swire to privatise HAECO

Eleanor Steed
By Eleanor Steed June 28, 2018 11:31

Swire to privatise HAECO

In June, Cathay Pacific Airways shareholder Swire Pacific announced plans to take maintenance unit Hong Kong Aircraft Engineering (HAECO) private for about HK$3 billion ($382 million).

“HAECO has not raised any equity funds from the public equity markets for over 30 years and Swire Pacific sees no practicable opportunity for this to happen in the foreseeable future,” the conglomerate said in a statement.

Swire plans to offer HK$72 per share – a significant premium – which values the aircraft maintenance service firm at about HK$12 billion. Swire holds 74.99% of HAECO, while independent shareholders hold the rest.

Eleanor Steed
By Eleanor Steed June 28, 2018 11:31