Qatar acquires 19.9% in HK retail operator

Qatar Holding acquires stake in Hong Kong-based department store

NEWS, Business, Retail, Shares

RELATED ARTICLES: Retailers rush to $326m Dubai heritage project l Dubai Pearl sells $1.9bn assets to Hong Kong buyer l Asian companies triumph at Cityscape awards

Qatar Holding, a wholly-owned subsidiary of Qatar Investment Authority, will purchase 324,247,615 shares in Lifestyle International Holdings Limited, operator of the SOGO department stores in Hong Kong and mainland China, from Real Reward Ltd, the controlling shareholder.

This will make Qatar Holding the second largest shareholder, with the purchase representing 19.9% of the company’s issued share capital.

In a statement, Lifestyle International Holdings said that, priced at HK$14.75 per share, the whole transaction aggregates at approximately HK$4.8bn ($616mn).

Thomas Lau, CEO of Lifestyle International, commented: “On behalf of the Board of Directors of the Company, I am delighted to welcome a high-quality long-term investor to our shareholder base. This strategic partnership with Qatar Holding demonstrates the confidence they have in the company and our business strategy and potential for growth.

“We will work closely together with Qatar to leverage on each other’s business strengths and network to further grow our business. We look forward to a long and fruitful partnership with Qatar Holding.”

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020