JOINT ANNOUNCEMENT
| To Business Editor | For Immediate Release |
Hong Kong, 6 March, 2000: Swire Pacific Limited ("Swire Pacific") and CITIC Pacific Limited ("CITIC Pacific") today announced jointly that agreements had been reached between the parties for the sale of Swire Loxley Limited ("Loxley") from Swire Pacific to CITIC Pacific. The acquisition was made by CITIC Pacific's wholly-owned subsidiary Dah Chong Hong Holdings Limited ("DCH"). Loxley will be renamed DCH Healthcare Products Limited.
Commenting on the announcement, Mr. Martin Cubbon, Finance Director of Swire Pacific said, "Loxley is a well-established operation with solid profitability and financial standing. The sale will offer Loxley the opportunity to maximise its full potential through business synergies with CITIC Pacific. We are confident that Loxley will receive strong support from CITIC Pacific to further enhance and develop its businesses in Hong Kong and Mainland China.
Mr. Peter Lee, Deputy Managing Director of CITIC Pacific and Group Chief Executive of DCH said, "This is a significant step for DCH to enter into the healthcare distribution business. The acquisition is consistent with our strategy to further expand our distribution businesses in the region. The acquisition of Loxley offers new growth opportunities for the group and fits perfectly into DCH's Greater China strategy and offers substantial level of synergy to all companies involved. Leveraging on DCH's significant experience in trading and distribution in Hong Kong and Mainland China, Loxley will continue to offer top quality services to existing clients as well as new ones."
Swire Pacific is one of Hong Kong's leading listed companies, with diversified interests under five operating divisions: Property, Aviation, Industries, Trading and Marine Services. Swire Pacific is primarily focused in the Hong Kong, Mainland China and Taiwan region where the Swire Group has been established for over 125 years.
Loxley is a leading distributor of pharmaceuticals, healthcare products and medical equipment in Hong Kong. The company is also active in Mainland China and Macau.
CITIC Pacific is a diversified holding company listed on the Hong Kong Stock Exchange. The company together with its subsidiaries and associated companies are principally engaged in the businesses of infrastructure, trading and distribution, property investment and development in Hong Kong and Mainland China.
DCH's chief operating arm Dah Chong Hong, Limited is a major Hong Kong based trading company with substantial operations in Hong Kong and Mainland China.
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