FOR IMMEDIATE RELEASE

9 December 2002

Swire Pacific Limited announced that it has agreed for Swire Beverages Limited, its 87.5% owned subsidiary, to acquire a 30% interest in Xian BC Hans Foods Company Limited ("Xian BC") from Canary Ventures Company Holdings Limited ("Canary") for a cash consideration of USD11.9 million. Xian BC operates a Coca-Cola bottling facility in Xian, Shaanxi Province, China.

BC Development Company Limited, which is 85% owned by Swire Beverages Limited, already holds the remaining 70% shareholding in Xian BC. After the transaction, Swire Pacific's attributable interest in Xian BC will increase from 52.06% to 78.31%.

Mr. John Slosar, Managing Director of the Swire Beverages division of Swire Pacific Limited, said, "We are very pleased to have reached this agreement to increase our shareholding in the Xian bottling operation. We are strongly committed to further growth and expansion of our business in Mainland China, which is already one of the top six markets for Coca-Cola products worldwide."

Swire Beverages is an "anchor bottler" for Coca-Cola products, producing and selling over 350 million cases of soft drinks annually in seven provinces in Mainland China, Hong Kong, Taiwan and parts of the western USA.

© Copyright 1996-2023 irasia.com Ltd. All rights reserved.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.