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Qatar to buy $616 million stake in HK department store operator
October 20, 2014 / 12:26 AM / 3 years ago

Qatar to buy $616 million stake in HK department store operator

HONG KONG (Reuters) - Sovereign wealth fund Qatar Holding LLC has agreed to buy a HK$4.78 billion ($616 million) stake in Lifestyle International Holdings (1212.HK), operator of the SOGO department stores in Hong Kong and mainland China, Lifestyle said on Monday.

A unit of Qatar will pay HK$14.75 per share for the 19.9 percent stake, compared with Lifestyle’s last traded price of HK$14.60, the statement added.

Bellshill Investment Co, a unit of Qatar Holding, is buying the shares from Lifestyle’s dominant shareholder, Real Reward Ltd, which is equally controlled by a unit of Chow Tai Fook Jewellery Group Ltd (1929.HK) and the family of Hong Kong businessman Thomas Lau.

Lifestyle International shares were halted in late September pending an announcement and trading will resume on Monday, the statement added.

(1 US dollar = 7.7571 Hong Kong dollar)

Reporting by Denny Thomas; Editing by Stephen Coates

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