Jardine Pacific, the Hong Kong operating arm of Jardine Matheson, has sold another of its non-core assets, Reliance Environmental Services, and associated companies for an undisclosed sum. The buyer is Denmark's ISS International Service System, which first expanded into Asia in 1995. It said the acquisition would broadly double the turnover of its Asian arm, ISS Asia, and bring its number of employees in Asia to 20,000. Reliance comprises operations in Hong Kong, Malaysia, Indonesia, Thailand and Singapore with 7,000 full-time employees and a turnover last year of more than US$70 million. Most of the turnover is generated in Hong Kong and Singapore. Jardine Pacific managing director Blair Pickerell said the sale suited both companies' strategies and, while the group was pleased to have built a successful business, 'we feel the time is now right to unlock the investment'. Since hitting US$8.30 in mid-September, Jardine Matheson shares have been steadily declining. Yesterday they closed six cents lower at $2.45.