Key Developments: Li & Fung Ltd (0494.HK)
1 Aug 2014
Latest Key Developments (Source: Significant Developments)
Reuters reported that Li & Fung Ltd is in advanced talks to buy Synergies Worldwide, a small, New York-based supplier. Li & Fung is negotiating the finer points of a deal with Synergies, which specializes in low-cost sourcing and has a foothold in manufacturing centers like India, Pakistan and Bangladesh. Full Article
Li & Fung Ltd announced that together with its wholly-owned subsidiary, Direct Sourcing Group Pte. Ltd., entered into a new agency agreement with Wal-Mart Stores, Inc. that supersedes the previous buying agency agreements made on January 28, 2010. At the same time, the option agreement pursuant to which Wal-Mart Stores Inc had the option to purchase all of the shares of Direct Sourcing Group Pte. Ltd. was terminated. Full Article
Li & Fung Ltd announced that its Board of Directors has resolved to declare an interim dividend of HKD15 cents (2011: HKD19 cents) per share for the six months ended June 30, 2012 absorbing a total of USD161 million (2011: USD197 million). The dividend will be paid on September 5, 2012. Full Article
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.