Key Developments: Li & Fung Ltd (0494.HK)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
Li & Fung Limited announced that on March 27, 2012, (a) the Company, (b) Li & Fung (1937) Limited (as vendor and owner of about 26.99% of the issued share capital of the Company), and (c) Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited (as placing agents) have entered into a Placing Agreement under which Li & Fung (1937) Limited will sell or procure the sale of, and Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited will procure investors to purchase or themselves purchase, a total of 210,000,000 existing Shares at a Placing Price of HKD18.62 per Share. The 210,000,000 existing Shares will be sold to not less than six independent professional, institutional and/or individual investors to be procured by the Placing Agents. On the same date, the Company has also entered into the Subscription Agreement with Li & Fung (1937) Limited under which Li & Fung (1937) Limited will subscribe for or procure the subscription of 210,000,000 new Shares at the same price of HKD18.62 per Share. The net proceeds to the Company under the Subscription will be approximately HKD3,885 million. The Company intends to apply the net proceeds as general working capital of the Group which may include funding future business development and acquisitions by the Group from time to time. Full Article
Reuters reported that Consumer goods exporter Li & Fung Ltd said it plans to sell 210 million new shares in Hong Kong, raising HKD3.89 billion ($500.94 million) to fund future business development and acquisitions. In a filing to the Hong Kong bourse on March 28, the Company said it would sell the new shares to shareholder Li & Fung (1937) Limited at HKD18.62 a piece, a discount of about 5% from the previous close. Goldman Sachs and HSBC are the placing agents. Full Article
Jan 12 - Li & Fung Ltd plans to launch a unit that consults on factory safety in the aftermath of a 2012 fire in a garment plant in Bangladesh that killed 112 workers, the Wall Street Journal reported on Sunday.