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Li & Fung invests in leading Japanese Textile Group

Mar '07
The investment arm of non-listed Li & Fung (1937) Limited, whose principal shareholders are Dr Victor Fung and Dr William Fung, announced it is acquiring a 55% stake in Kanematsu Textile Corporation (KTC), a wholly owned subsidiary of the Kanematsu Corporation of Japan. The investment is unrelated to the listed companies of the Li & Fung Group.

Kanematsu Corporation, a multinational trading and investment group was founded in 1889 with textiles as its core business. Today, its subsidiary KTC, is one of Japan's leading textile and apparel companies serving the domestic market with a consolidated turnover in 2006 of over US$450 million.

Li & Fung (1937) Limited is a Hong Kong based privately held investment holding company and the controlling shareholder of Hong Kong listed Li & Fung Limited, Integrated Distribution Services Group Limited and Convenience Retail Asia Limited. The Group's three publicly listed companies recorded a combined turnover of US$8,207 million and combined profits of US$253 million in 2005.

“For some time, we have been looking at the best way to invest in and further participate in the world's second largest consumer market,” said Dr Victor Fung.

He observed that KTC had been seeking to strengthen its business by becoming more engaged in the global supply chain as well as strengthening its international sourcing. “We are confident that the strategic partnership with KTC will create new prospects for both parties,” he added.

To facilitate a smooth transition, the Kanematsu Corporation will provide continuity and fullysupport the business of KTC to ensure seamless services for all its customers.

KTC will retain its name and its management will continue to be led by Mr Hiroshi Ishikawa, who will maintain his role as President and Member of the Board of Directors. Dr Victor Fung will become Chairman of the Board of Directors of KTC.

Li & Fung Limited

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