LI & Fung Ltd (0494.HK)
Latest Key Developments (Source: Significant Developments)
Jan 10 (Reuters) - Li & Fung Ltd <0494.HK>::JOSEPH C. PHI HAS BEEN APPOINTED AS AN EXECUTIVE DIRECTOR. Full Article
Dec 14 (Reuters) - Li & Fung Ltd <0494.HK>::BOARD PROPOSES SPECIAL DIVIDEND OF ABOUT US$0.0614 PER SHARE.DUE TO DIVESTMENT, GROUP EXPECTS TO RECOGNISE LOSS OF ABOUT US$610 MILLION ATTRIBUTABLE TO DISCONTINUED OPERATIONS.TO DIVEST TARGET BUSINESS FOR CONSIDERATION OF US$1,100 MILLION TO TRUE SAGE.EXPECTED STRATEGIC DIVESTMENT'S ESTIMATED LOSS TO TRIGGER GROUP REPORTING TOTAL NET LOSS ATTRIBUTABLE TO SHAREHOLDERS IN 2017.TARGET BUSINESS COMPRISES FURNITURE, BEAUTY AND SWEATERS PRODUCT VERTICALS UNDER PRODUCTS SEGMENT.DIVESTMENT'S CLOSING TO TRIGGER REALISATION OF ABOUT US$106 MILLION OF PRIOR PERIOD FOREIGN EXCHANGE NON-CASH TRANSLATION LOSSES. Full Article
Li & Fung Ltd <0494.HK>: HY profit attributable to shareholders of US$ 72 million versus US$ 149.0 million . HY revenue of US$ 8.07 billion versus US$ 8.63 billion . We expect the rest of 2016 to remain challenging" . Global retail market continues to struggle with soft consumer demand and geopolitical instability will weigh on consumer sentiment" . Says board has resolved to declare an interim dividend of 11 hk cents . Expect highly promotional activities and deflationary environment will continue" . Trading volume will be under pressure given brands and retailers are transitioning through a destocking cycle" . Full Article
Global Logistic Properties Ltd
HONG KONG Shares of Li & Fung Ltd were set to open up 6.6 percent on Friday after the global exporter said it would divest its furniture, beauty and sweaters businesses for $1.1 billion.