Share sale to bring new opportunities for Li & Fung
06 May '09
1 min read
Li & Fung Ltd announced the placing of 120.29 million of existing shares at a price of HK$22.55 per share after market close on May 4, 2009, representing 6.04% discount to the closing price of HK$24 as of yesterday.
The placing, organized and underwritten by Citigroup Global Markets Asia Limited and Goldman Sachs (Asia) L.L.C., will raise approximately HK$2,682 million.
120.29 million existing Shares representing about 3.31% of the existing Shares in issue, and about 3.20% of the Shares in issue as enlarged by the Subscription. The placement was subscribed by leading institutional investors in Asia, North America and Europe.
The proceeds will primarily be used for general working capital purposes and to support the Group's continued business expansion. Mr William K Fung, Group Managing Director of Li & Fung Limited, said “It is prudent for us to further enhance our strong balance sheet to take advantage of any new opportunities that may arise in this economic environment and to guard against market volatility.”
Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide.
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