Swire Pacific has splashed out 173.8 million yuan (HK$213.06 million) to acquire a 60 per cent interest stake in Guangdong Swire Cold Chain Logistics from John Swire & Sons in Australia.
The remaining 40 per cent will continue to be held by Guangdong Foodstuffs Import-Export (Group).
Guangdong Swire will be incorporated in Swire Pacific's trading and industrial division, headed by executive director John Rae-Smith.
The deal could be completed by the end of this month, but Swire Pacific said it might be delayed because of the need to obtain Chinese regulatory approvals for the acquisition.
Guangdong Swire operates three cold stores in Guangzhou's Huangpu district, providing refrigerated storage for frozen seafood and meat, dairy products and other consumables, including wine and chocolate.
The acquisition is expected to lead to expansion of Swire Pacific's refrigerated logistics operation on the mainland amid growing interest in China's cold storage and refrigerated transport sector.
