Qatar acquires 19.9% in HK retail operator
Qatar Holding acquires stake in Hong Kong-based department store
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.”