09 Dec 2002

Swire Pacific Increases Stake in Xian Bottling Facility

Swire Pacific Limited announced that it has agreed for Swire Beverages Limited, its 87.5% owned subsidiary, to acquire a 30% interest in Xian BC Hans Foods Company Limited ("Xian BC") from Canary Ventures Company Holdings Limited ("Canary") for a cash consideration of USD11.9 million. Xian BC operates a Coca-Cola bottling facility in Xian, Shaanxi Province, China.

BC Development Company Limited, which is 85% owned by Swire Beverages Limited, already holds the remaining 70% shareholding in Xian BC. After the transaction, Swire Pacific's attributable interest in Xian BC will increase from 52.06% to 78.31%.

Mr. John Slosar, Managing Director of the Swire Beverages division of Swire Pacific Limited, said, "We are very pleased to have reached this agreement to increase our shareholding in the Xian bottling operation. We are strongly committed to further growth and expansion of our business in Mainland China, which is already one of the top six markets for Coca-Cola products worldwide."

Swire Beverages is an "anchor bottler" for Coca-Cola products, producing and selling over 350 million cases of soft drinks annually in seven provinces in Mainland China, Hong Kong, Taiwan and parts of the western USA.

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