“The investment from Temasek will allow us to unlock the value of LF Logistics and accelerate its business growth,” Group CEO Spencer Fung said.
(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.
