In June 2018, Swire Pacific Limited and Hong Kong Aircraft Engineering Limited ("HAECO") announced a proposal for the privatization of HAECO by way of a scheme of arrangement. The proposal involved the cancellation of the shares in HAECO (other than those held by Swire Pacific) in consideration of a payment of HK$71.81 per share and was approved by HAECO shareholders at general meetings in September 2018. The scheme became effective in November 2018 after being sanctioned by the High Court in Hong Kong. The scheme resulted in Swire Pacific becoming the owner of 100% of the shares in HAECO. Previously, Swire Pacific had owned approximately 75% of the shares in HAECO.