Swire Pacific to offer $382m bid to acquire HAECO

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Swire Pacific is set put up a bid worth around $382m to purchase the shares it currently does not own in Hong Kong Aircraft Machinate (HAECO).

The company currently owns around 74.99% of shares in the aircraft living unit and expects to offer $9.20 per share as part of the proposed conduct oneself treat.

Scheduled to be completed by February next year, the deal is subject to a multitude of conditions, including the approval of HAECO majority shareholders.

Once finished, the existing minority shares of HAECO will be cancelled and the company choose be de-listed from the stock exchange.

“HAECO has not raised any equity supports from the public equity markets for over 30 years and Swire Pacific glimpses no practicable opportunity for this to happen in the foreseeable future.”

Through the conduct oneself treat, Swire aims to save costs and help create long-term critical value.

Swire Pacific said in a statement: “HAECO is a core long-term cardinal business for Swire Pacific. The proposal will enable Swire Pacific to consolidate its restrain over HAECO fully and is expected to allow an overall more efficacious and cost-effective structure for Swire Pacific, with greater flexibility to make out the HAECO business.

“Due to the low liquidity and the relative underperformance in the trading of HAECO Rations, Swire Pacific views the listing of HAECO Shares as no longer present a viable source of funding for HAECO’s business.

“In fact, HAECO has not assembled any equity funds from the public equity markets for over 30 years and Swire Pacific find outs no practicable opportunity for this to happen in the foreseeable future.”

HAECO currently accords aircraft maintenance, repair and overhaul services to various airlines.

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