SWIRE Pacific last night sold 6.48 million shares in Hong Kong Aircraft and Engineering Company (HAECO), raising $246 million to finance property and industrial projects.
Shares were sold through London brokerage Casenove late last night for $38 each, a 6.17 per cent discount to yesterday's close in Hong Kong.
The sell-down represents a 3.5 per cent slice of HAECO and means the hong now holds 27.62 per cent of the aircraft firm.
Combined with subsidiary Cathay Pacific, it still has a 52.66 per cent holding in HAECO.
Confirming the deal, which went through in London, Swire group public affairs manager Nick Rhodes said: ''Together, Swire and Cathay have always held something between 50 per cent and 60 per cent and there is no magic formula saying it must be 56.1 per cent.
''It does fluctuate and the two will sell if they need to raise cash.