Hong Kong-based sourcing giant Li & Fung said its shareholders have given strong support for the company’s proposed acquisition of Integrated Distribution Services Group Limited (IDS) by way of privatisation.
At a Special General Meeting of Li & Fung held today (13 September), shareholders voted 99.80% in favour of the transaction.
The scheme is subject to the outcome of IDS’s court meeting and Special General Meeting.
Bruce Rockowitz, president of Li & Fung (Trading) Limited said: “We are pleased with the outcome of the voting which represents a major step towards implementing our strategy to extend our geographical penetration and enlarge our service offerings and, at the same time, will provide significant benefits for shareholders, employees and other stakeholders.”
