Hong Kong-based conglomerate Swire Pacific Ltd said on Wednesday it would sell its Swire Coca-Cola USA unit for $3.9 billion to its controlling shareholder, John Swire & Sons Ltd.
Once the sale goes through, it will use about half the proceeds to propose payment of a special dividend in aggregate of HK$11.7 billion, it added.
The sale is in line with Swire Pacific's focus on businesses in the Greater China area and Southeastern Asia, it said in a filing, and will help it fund long-term investments in both core divisions and new growth areas. The deal will also help it cut net debt, shore up its balance sheet and strengthen financial flexibility, it said.
In an agreement with an initial 13-year term, Swire Pacific unit Swire Coca-Cola Ltd will provide management and administrative support to the sold U.S. firm and receive an annual fee of at least HK$117 million, the filing showed. Reporting by Sameer Manekar in Bengaluru and Roxanne Liu in Beijing; Editing by Nivedita Bhattacharjee and Jan Harvey
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