HK's Swire Pacific approves US$768 million share buyback programme

SWIRE Pacific, one of the two remaining British trading houses in Hong Kong, said on Tuesday (Dec 5) that it would buy back shares worth up to US$767.6 million from the open market.

The programme will be funded from the firm’s existing capital and cash reserves, Swire said in an exchange filing.

The buy-back programme will begin on Dec 6 and extend until the conclusion of the conglomerate’s annual general meeting in May 2025.

“The board believes that the current financial resources of the company would enable it to implement the programme while continuing to maintain a solid financial position,” Swire Pacific said in a statement.

The buyback comes as Swire Pacific reported a more than 120 per cent jump in profit for the first six months of this year.

The 207-year-old company announced plans in August 2022 to buy back up to HK$4 billion (S$684.9 million) of shares, a target it achieved earlier this year.

SEE ALSO

Hong Kong tycoons race to cut debt with US$8.4 billion asset sales

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Shares of the firm ended the day 0.7 per cent higher at HK$50.95. REUTERS