HONG KONG: Li & Fung plans global brands spin-off
The application is still subject to the listing approval and the final decision of the board
Global sourcing and supply business Li & Fung has submitted an application to list its global brands and licensing business on the Hong Kong Stock Exchange.
The formal announcement comes after Li & Fung in March revealed plans to create the new group, and potentially spin it off as a separate listed business, as part of its new three-year plan.
The application is subject to, among other things, the listing approval and the final decision of the board.
The company said there is no assurance that the proposed spin-off and the separate listing of the Global Brands Group shares will take place or as to when it may take place.
Earlier this year it said that Li & Fung group chairman and CEO Bruce Rockowitz would become CEO of the new entity if and when it comes into being, quitting his current role as group president and CEO, and handing that corporate baton on to Spencer Theodore Fung, current Li & Fung COO.
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