Hong Kong-based Li & Fung Limited announced that the company’s shareholders have approved the privatization proposal offered via a Scheme of Arrangement by Golden Lincoln Holdings I Limited, whose shareholders are the Fung Family and Singapore-based GLP Pte Ltd., a leading global logistics warehouse operator and investor, at the Court Meeting and Special General Meeting.
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The scheme received significant support from shareholders. William Fung, Group Chairman of Li & Fung said, “I am pleased that our shareholders are supportive of the privatization proposal for Li & Fung. I would also like to deeply thank our shareholders for their long-term support of our company through nearly three decades of change in the global retail industry.”
The scheme remains subject to the fulfilment or waiver of certain conditions, including sanction by the Bermuda Court in the petition hearing on 21st May 2020.
A cancellation consideration of HK$1.25 per share in cash, representing a premium of 150% to the stock last closing price before the announcement of the proposal for the privatization on 20 March 2020, will be paid to Company’s shareholders on or before 1 June 2020. Subsequent announcements will be made on the websites of Li & Fung and the Hong Kong Stock Exchange on the finalized dates pertaining to the expected timetable.
The company’s goal to create the Supply Chain of the Future remains more relevant than ever with the digital disruption to retail, compounded by the dramatic impact of Covid-19 on retail supply chains.
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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 everchanging global environment.