Tuesday, July 14, 2020
Martin Hennecke

Thumbs up for HAECO sell-off
Swire Pacific (0019) and Hong Kong Aircraft Engineering (0044) announced yesterday that the court meeting and general meeting have passed the proposal for the privatization of HAECO by Swire Pacific and the proposed withdrawal of the listing of HAECO.

At the court meeting, independent HAECO shareholders who hold 96.29 percent of the votes approved the scheme, while shareholders who hold 1.59 percent of the votes were against the scheme.At the general meeting, 99.53 percent of shareholders were in favor of the special resolution, and 0.47 percent voted against the special resolution. HAECO is expected to delist on November 29.

Swire Pacific (0019) said earlier it plans to privatize HAECO at a price of HK$72 per share, with a total investment of HK$2.895 billion.

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