(June 28): Global sourcing and logistics group Li & Fung on Friday said Temasek Holdings would buy 21.7% of its subsidiary LF Logistics Holdings for US$300 million ($406.2 million), and the proposed spin-off IPO of the unit will be postponed.
Hong Kong’s Li & Fung, which supplies clothing and other products to retailers worldwide, had said earlier that it would seek a separate listing for its logistics business on the Hong Kong Stock Exchange to enhance growth and strengthen financial flexibility.
“The investment from Temasek will allow us to unlock the value of LF Logistics and accelerate its business growth,” Group CEO Spencer Fung said.
