Swire Pacific A announced before the market opened today (13th) that it will place 153 million shares of Cathay Pacific at a price of HK$11.74 per share, representing a 9.6% discount to yesterday's closing price. Following the completion of the sale, Swire Pacific will hold 2.797 billion shares of Cathay Pacific, accounting for approximately 45.12% of the issued share capital. Swire Pacific is expected to receive net proceeds of HK$1.789 billion from the placement and record a gain of HK$365 million. The placement is anticipated to be completed no later than the 17th of this month. The placement price corresponds to 1.2 times the projected price-to-book ratio for the 2027 calendar year, or 6.7 times the projected price-to-earnings ratio for the same period. Although the market may interpret this move negatively, the sale is likely intended to adjust Swire Pacific's stake in Cathay Pacific. Previously, Swire Pacific held a 45% stake in Cathay Pacific before the airline repurchased shares from Qatar Airways.