| FOR IMMEDIATE RELEASE | 1st August 2005 |
Swire Pacific Ltd. (0019 and 0087) today announced that it has entered into agreements to sell its entire 17.62% interest in Modern Terminals Ltd. (MTL), to subsidiaries of The Wharf (Holdings) Ltd. (12.59%) and China Merchants Holdings (International) Co. Ltd. (5.03%), for a total consideration of HK$2,900 million.
A company spokesman said it has been a good but passive investment for Swire Pacific and the opportunity has arisen for the company to dispose of its minority shares in MTL.
The net book value of the MTL shares held by Swire Pacific as at 30th June 2005 was HK$605 million. The sale will realise a profit of approximately HK$2,300 million for the company. Proceeds from the sale will be used for general working capital purposes.
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