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Li & Fung delists from HKEX; becomes private company

27
May '20
Pic: madamF / Shutterstock.com
Pic: madamF / Shutterstock.com
Setting the course for long-term transformation of its business, Li & Fung has successfully completed its privatisation process by delisting from the Hong Kong Stock Exchange (HKEX) today. The Fung Family continues to remain controlling shareholder of Li & Fung. The company will dispatch cheques for payment to Scheme Shareholders on or before June 1, 2020.
 
As a privately held company, Li & Fung is owned and managed by the Fung Family and Singapore-headquartered GLP Pte Ltd, a leading global logistics warehouse operator and investor. The Fung Family remains the controlling shareholder of Li & Fung with 60 per cent of the voting shares. GLP has 40 per cent of the voting shares and 100 per cent of the non-voting shares, resulting in an effective economic ownership of 67.67 per cent of Li & Fung.
 
“Having arrived at this important milestone, I would like to convey our deepest gratitude to all shareholders who have supported Li & Fung during the last 28 years as a publicly-listed company in Hong Kong. We move forward with the next chapter of our transformation as a private business while maintaining our commitment to our staff, customers, suppliers, business partners, and the community of Hong Kong, who have together served as the foundation of Li & Fung for the past 114 years,” said William Fung, group chairman of Li & Fung.
 
“Today marks the start of a new journey for Li & Fung as we focus on achieving a fundamental transformation of our business. While there will be challenges to manage, Li & Fung will benefit greatly from our partnership with GLP. Our commitment to our retail and supply chain partners remains as strong as ever. Whether through our 50-country strong sourcing and production platform, industry leading digital product development or pan-Asian logistics network, we continue to work closely with our partners to meet ever-changing consumer demands in a complex global environment,” said Li & Fung group chief executive officer Spencer Fung.
 
Ming Mei, co-founder and chief executive officer of GLP, said: “GLP and Li & Fung have a shared vision to create the digital supply chain of the future. I am confident that with its commitment to long-term transformation, Li & Fung will build upon its position as the global retail supply chain leader. I also look forward to exploring the areas where we can deepen our partnership and develop shared opportunities between logistics networks and technology innovation for our customers.”
 

Fibre2Fashion News Desk (RKS)


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