Fung Retailing buys major stake in S.Korea kids' apparel maker
SEOUL Jan 5 (Reuters) - Fung Retailing Ltd, a wholly owned unit of the privately held Fung Group, and other partners have acquired a 70 percent stake in South Korean children's apparel maker Suhyang Group, the company said in a statement.
The holding company of the Fung Group is privately held Fung Holdings (1937) Ltd, which is also a substantial shareholder of Hong Kong's Li & Fung Ltd.
On Thursday, South Korea's Maeil Business Newspaper, citing unidentified investment banking sources, reported that Li & Fung had agreed to acquire a majority stake in Suhyang Networks for roughly 200 billion yuan ($188 million). ($1 = 1063.5000 Korean won) (Reporting by Joyce Lee; Editing by Paul Tait)
- Confusion as search for Malaysian jet spreads across SE Asia |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Special Report: How China's official bank card is used to smuggle money |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source