January 5, 2013 / 3:16 AM / 5 years ago

Fung Retailing buys major stake in S.Korea kids' apparel maker

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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)

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