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Swire Pacific sells paints businesses

Hong Kong-based property company Swire Pacific Ltd. agreed to sell its entire interest in Swire Duro (Holdings) Ltd. and 40% interest in Akzo Nobel Swire Paints Ltd. for HK$2.7 billion to Dutch company Akzo Nobel NV.

The sale is part of Swire' strategy to offload potentially valueless businesses. Upon the deal's completion, the company will no longer own any interest in the paints business.