Li & Fung (0494)

Li & Fung acquires Thai furniture maker Exim Designs
Thomas Russell -- Furniture Today, June 24, 2011

HONG KONG — Li & Fung Ltd., an international development and distribution company, has acquired Exim Designs, a northern Thailand-based furniture producer.

The company announced Wednesday that it has acquired Exim, which produces ready-to-assemble and fully assembled furniture made with wood and mixed media elements such as slate, bamboo, water hyacinth and glass.

Li & Fung did not reveal the purchase price or other terms. It did say that the deal will "strengthen its capabilities in the furniture business with mass-market and traditional furniture retailers."

The deal was one of five acquisitions the company announced this week in various industries. It said the combined sales and net income of the acquired businesses total $660 million and $80 million, respectively, but did not give figures for each company.

In a statement, William Fung, executive deputy chairman, said that the company will continue to pursue acquisitions through 2013.

"Our focus on both acquisitions and organic growth has demonstrated the resilience of our model throughout the years," he said. "We have relied on a sustained organic growth in our business over the last 20 years and have complemented that with an acquisition strategy which could be especially relevant during times of uncertain economic conditions when excellent deals are available at attractive prices."

Hong Kong’s Fung family and Singapore’s GLP Group have made a HK$7.2 billion (US$928 million) offer to privatise 114-year-old global merchandise supply chain manager Li & Fung at a price premium of 150 per cent, as they seek to take advantage of the worst economic and stock market downturn in a decade caused by the coronavirus pandemic.


Golden Lincoln, controlled by Victor Fung Kwok-king and William Fung Kwok-lun, has teamed up with GLP, a global operator and investor in logistics, real estate, infrastructure and finance, for the privatisation. GLP will buy all the 5.78 billion shares not owned by the Fung family at HK$1.25 each. The family will not be buying any more Li & Fung shares.

“In light of global economic uncertainties, the company’s transformation will involve execution risk and the associated benefits will require a longer time to materialise,” chief executive Spencer Fung, who is also Victor Fung’s son, said in a filing to the Hong Kong stock exchange after market close on Friday. “The offerers believes that the transformation of the company will be more effectively implemented away from the public equity markets.”

https://www.scmp.com/business/article/30...manager-li

The offer price is not great if you have bought it a year or so ago. But it also shows that there are bargains in the market. So it is not necessary to try to predict "the bottom." If you think you are paying a bargain for an asset which will provide the long-term returns you expect, put your money down and don't worry if it does get cheaper.

(22-03-2020, 09:48 AM)karlmarx Wrote: Hong Kong’s Fung family and Singapore’s GLP Group have made a HK$7.2 billion (US$928 million) offer to privatise 114-year-old global merchandise supply chain manager Li & Fung at a price premium of 150 per cent, as they seek to take advantage of the worst economic and stock market downturn in a decade caused by the coronavirus pandemic.


Golden Lincoln, controlled by Victor Fung Kwok-king and William Fung Kwok-lun, has teamed up with GLP, a global operator and investor in logistics, real estate, infrastructure and finance, for the privatisation. GLP will buy all the 5.78 billion shares not owned by the Fung family at HK$1.25 each. The family will not be buying any more Li & Fung shares.

“In light of global economic uncertainties, the company’s transformation will involve execution risk and the associated benefits will require a longer time to materialise,” chief executive Spencer Fung, who is also Victor Fung’s son, said in a filing to the Hong Kong stock exchange after market close on Friday. “The offerers believes that the transformation of the company will be more effectively implemented away from the public equity markets.”

https://www.scmp.com/business/article/30...manager-li

The offer price is not great if you have bought it a year or so ago. But it also shows that there are bargains in the market. So it is not necessary to try to predict "the bottom." If you think you are paying a bargain for an asset which will provide the long-term returns you expect, put your money down and don't worry if it does get cheaper.

CONGRATS on your multibagger.

No lah, just sharing that some stocks at present levels can be considered cheap.

I would never have bought Li & Fung.