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Business deals

Hong Kong's Swire unloads marine services unit for $190m

With sale of money-losing business, group focuses on growth areas like real estate

The Swire group's flag is seen with the Chinese flag. Swire aims to focus on growth opportunities in greater China.   © Reuters

HONG KONG -- Swire Pacific will sell its offshore oil support subsidiary to U.S. peer Tidewater in a $190 million deal that will enable the Hong Kong-listed conglomerate to concentrate more on real estate, beverages and aviation.

"This is in line with a strategy of reducing exposure to noncore assets and recycling capital to focus on core businesses that have strong growth opportunities in greater China and Southeast Asia," Swire Chairman Guy Bradley said in a virtual news conference Thursday.

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