Conglomerate First Pacific yesterday announced it had agreed to sell its entire 29.8 per cent holding in Island Dyeing and Printing for $292 million, ending its involvement in the planned redevelopment of Island Dyeing's Kwai Chung site as an hotel. First Pacific said the 19.7 million shares would be sold to four independent parties at $14.80 a share, a premium of 6.5 per cent over yesterday's closing price. The purchasers of the stake were Castle Baynard Holdings, Welmax, Ocean-Reef Holdings and Wellard Enterprises Holdings. Analysts said the move was sound, as it allowed First Pacific to generate an instant profit rather than waiting years for the planned development to take place. They said the disposal was in line with First Pacific's strategy of reducing its exposure to property development. ING Baring Securities investment analyst Nam Park said: 'It is a business they wanted to pull out of and they have basically doubled their money.' First Pacific built up its stake in Island Dyeing when unit First Pacific Davies and investment company SHK Hong Kong Industries launched a formal bid for the company last October. First Pacific and SHK Hong Kong offered $7.60 a share for the Island Dyeing shares they did not own, and gained a combined 68.84 per cent of the issued shares by December. Island Dyeing discontinued its dyeing and printing operations in 1995 and recorded a loss last year of $12 million. First Pacific also announced yesterday that its Philippines unit, Metro Pacific Corp, had agreed to an internal reorganisation of the shareholder structure of associate Smart Communications, which plans to list later this year.