Swire Group, whose activities span property, aviation, beverages, marine services, and trading and industrial, is a Hong Kong listed conglomerate. It is the parent of Hong Kong carrier, Cathay Pacific Airways, and Dragonair, and Hong Kong Aircraft Engineering Co (Haeco) is a subsidiary. Swire Pacific and Swire Properties are the main listed arms of the group, which also owns Swire Hotels.
Midland Realty denies approach
Midland Realty (Holdings) denied yesterday that it had been approached by two listed companies that were interested in taking a stake in the group.
However, the company confirmed that the Hong Kong Parkview Group has already become a substantial shareholder by purchasing shares on the market.
A report in a Chinese-language newspaper on Saturday referred to statements made by Midland Realty (Holdings) chairman Freddie Wong Kin-yip that two listed companies were considering purchasing a substantial stake in the company.
However, the company's board of directors issued a statement yesterday saying that this was 'totally untrue' and that the company had no plan to sell its controlling shareholding.
The company confirmed it received notification from the Hong Kong Parkview Group that it had purchased 30 million and 37 million shares through its two subsidiaries on September 24.
Hong Kong Parkview had become a substantial shareholder in Midland Realty, holding 11.2 per cent of its issued share capital.
The company said Hong Kong Parkview would not put a representative on its board at the moment. Midland Realty has notified the Stock Exchange of Hong Kong of its shareholding changes.