HONG KONG, Oct 4 (Reuters) - Swire Properties Ltd said its biggest shareholder John Swire & Sons (H.K.) Ltd has agreed to sell all its direct shareholding in the property group for HK$4.88 billion ($629.2 million).
John Swire & Sons plans to sell 216.94 million shares, or 3.71 percent of the total share capital, in Swire Properties at HK$22.51 apiece, representing a 6.01 percent discount to the previous closing price, according to a filing to the Hong Kong bourse on Thursday.
John Swire & Sons will continue to hold a large indirect stake in Swire Properties through its holding in Swire Pacific . The share sale will increase the public float in Swire Properties to 17.99 percent from 14.28 percet.
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(Reporting by Donny Kwok; Editing by Richard Pullin)