Li & Fung to delist this month as privatisation plan approved
The privatisation and delisting of Li & Fung Limited is set to proceed this month after 97 per cent of shareholders who were not party to the transaction voted in favour of the move.
The key vote paves the way for Golden Lincoln Holdings I Limited, owned by the Fung Family and Singapore-based global logistics warehouse operator GLP, to purchase all the shares of Li & Fung. The company expects to delist on May 27 after a court hearing in Bermuda, where the company is registered, which scheduled for May 21. These are the final steps in the process.
“I am pleased that our shareholders are supportive of the privatisation proposal for Li & Fung,” said William Fung, group chairman.
Li & Fung, which has been listed in Hong Kong for nearly 30 years, will remain under the control of the Fung family, which will hold 60 per cent of the voting shares in the business, post delisting. GLP will hold the remaining 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.
In a statement the company said its plan to create “the Supply Chain of the Future remains more relevant than ever” with the digital disruption to retail and the ongoing uncertainties of the US-China trade war, compounded by the dramatic impact of Covid-19 on retail supply chains.
“With the breadth and depth of its global sourcing and production platform, pan-Asia logistics network, and industry leading digital product development capabilities, Li & Fung is helping retailers and brands navigate a highly uncertain and ever changing global environment.”
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