Key Developments: Li & Fung Ltd (0494.HK)

0494.HK on Hong Kong Stock

24 Jul 2014
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HK$0.04 (+0.39%)
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Latest Key Developments (Source: Significant Developments)

Li & Fung Ltd announces CEO change
Tuesday, 1 Jul 2014 06:14am EDT 

Li & Fung Ltd:Says Bruce Philip Rockowitz has tendered his resignation as an executive director and a member of the risk management and sustainability committee of the company with effect from July 01.Says he cease to be the group president and chief executive officer of the company with effect from July 07.Spencer Theodore Fung, an executive director of the company, will assume the role of Rockowitz as the chief executive officer of the company on July 07.  Full Article

Li & Fung Ltd updates on proposed spin-off and separate listing of Global Brands Group Holding Limited
Tuesday, 1 Jul 2014 06:10am EDT 

Li & Fung Ltd:Says board declared a conditional distribution in specie of all of the issued share capital of Global Brands Group Holding Limited to Qualifying Li & Fung Shareholders whose names appear on the register of members of the company on July 07.If the Conditional Distribution becomes unconditional, it will be satisfied wholly by way of a distribution in specie to the Qualifying Li & Fung Shareholders of an aggregate of 8,360,398,306 Global Brands Group Shares.The Qualifying Li & Fung Shareholders will be entitled to one Global Brands Group Share for every one share in the company held on the record date.Fractional entitlements will be disregarded.  Full Article

Li & Fung Ltd proposed final dividend
Thursday, 20 Mar 2014 04:27am EDT 

Li & Fung Ltd:Proposed a final dividend of HK$0.34 (equivalent to $0.044) per share.  Full Article

Li & Fung Ltd announces possible spin-off
Thursday, 20 Mar 2014 04:26am EDT 

Li & Fung Ltd:Has decided to proceed with an application for a possible spin-off and separate listing of its global brands and licensing business (Global Brands Group) on the stock exchange of Hong Kong Ltd.By way of a 100 pct distribution in specie.The company aims to achieve a listing of the global brands group in 2014.  Full Article

Li & Fung Ltd announces re-organization to expand vendor services
Monday, 6 Jan 2014 07:17am EST 

Li & Fung Ltd:Says it establishes dedicated Vendor Support Services business unit to enhance factory and worker safety, raise standards and improve operational efficiencies in its global supply chain.Says Vendor Support Services business, including vendor compliance and this new initiative will be expanded as an integral part of Li & Fung’s new 3YP.Says new unit will incorporate the company’s existing range of vendor support services to factories plus new offerings that include product testing, provision of logistics support to factories, and other practical input to enable factories to move up the value chain.Says it will be reorganizing its vendor support services to focus more intensely on factory compliance following recent tragedies in the garment industry, as well as the on-going needs for stronger oversight.  Full Article

Li & Fung Ltd Declares Interim Dividend
Tuesday, 13 Aug 2013 04:30am EDT 

Li & Fung Ltd declared an interim dividend of 15 HK cents (2012: 15 HK cents) per Share for the six months ended June 30, 2013 absorbing a total of USD161 million (2012: USD161 million).  Full Article

Li & Fung Ltd Recommends Final Dividend
Thursday, 21 Mar 2013 04:34am EDT 

Li & Fung Ltd announced that its Board of Directors has recommended to pay to the shareholders a final dividend of HKD0.16 (2011: HKD0.34) per share for the year ended December 31, 2012 absorbing USD171 million (2011: USD355 million). An interim dividend of HKD0.15 (2011: HKD0.19) per share was paid by the Company on September 5, 2012.  Full Article

Kishore Biyani Ties Up With Hong Kong’s Li & Fung Ltd To Float Wholesale JV-The Economic Times
Sunday, 10 Mar 2013 07:34pm EDT 

The Economic Times reported that Kishore Biyani plans to launch a wholesale cash-and-carry chain in tie-up with Hong Kong-based global trading firm Li & Fung Ltd, which already holds a 26% stake in Future Group's logistics business Future Supply Chains. Fung Capital, a private equity firm of the Fung family, will hold a 26% stake in the joint venture while Biyani and his family will hold the rest, Rajesh Ranavat, managing director of mergers and acquisition at Fung Management Singapore Pte Ltd, said. Biyani confirmed the development and said the venture will open first cash-and-carry store in Bangalore in the next three months.  Full Article

Li & Fung Ltd Acquires Lornamead Acquisitions Ltd. For USD190 Million-DJ
Tuesday, 15 Jan 2013 05:07am EST 

Dow Jones reported that Li & Fung Ltd has bought Lornamead Acquisitions Ltd., a personal care brands marketer, for USD190 million, in its latest effort to expand beyond its core sourcing business. Lornamead owns and manages over 20 U.S., German and U.K. personal care brands, such as Finesse, Aqua Net, Yardley and Lypsyl.  Full Article

Li & Fung Ltd Comments On FY, H2 2012 Profit Guidance
Friday, 11 Jan 2013 03:38am EST 

Li & Fung Ltd announced that based on a preliminary review of the management accounts of the Group for fiscal 2012, profit attributable to shareholders for fiscal 2012 is unlikely to exceed 2011. Core operating profit for fiscal 2012 is expected to be lower by approximately 40% due to ongoing restructuring costs and additional provisions associated with LF USA’s business. Except for LF USA, all other parts of the Group’s business have performed as expected. Based on the preliminary review of the ongoing restructuring of LF USA’s business, including the reduction in the number of brands distributed in the USA which negatively impacted the Company’s margin, the Group’s efforts to improve the second half 2012 results will not achieve an improvement in core operating profit, and core operating profit is expected to be lower by approximately 40% (compared to the corresponding period in 2011). According to I/B/E/S Estimates, analysts on an average are expecting the Company to report Net Income of $693.18 million for fiscal 2012.  Full Article

Li & Fung says factories of some suppliers in Vietnam damaged in protests

HONG KONG, May 15 - Global exporter Li & Fung said on Thursday the factory facilities of some of its suppliers in Vietnam had been damaged in anti-China protests that have seen thousands of Vietnamese set fire to foreign factories in the south of the country.

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