Li & Fung Redeems Perpetual; FVE Unchanged
Li & Fung’s planned redemption of USD 500 million worth of 6% perpetual securities has been well anticipated and does not affect our HKD 3.54 fair value estimate for the company. The move reduces the outstanding perpetuals to USD 650 million from USD 1.15 billion and will be paid for from the remaining balance of proceeds from its sales of three product verticals, which netted the firm USD 1.1 billion, and follows a special dividend payout of USD 520 million. Li & Fung shares are current...Li & Fung is an investment holding company. Through its subsidiaries, Co. is a consumer goods design, development, sourcing and logistics company for retailers and brands around the world. Co. is engaged in managing supply chains of high-volume, time-sensitive goods. Co. operates under two business networks, namely the Trading Network and the Logistics Network. The Trading Network focuses on provision of the global sourcing services via multiple channels, such as buying agent, trading-as-principal for private label merchandise and on-shore wholesale business. The Logistics Network focuses on provision of logistics solutions and freight forwarding services.
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