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Qatar’s sovereign wealth fund on Monday said that had bought 19.9% stake in Hong Kong-based retail chain Lifestyle International Holdings for $600 million.
According to the Qatar Investment Authority (QIA) said that the acquisition was a part of its strategy in “diversifying” its investment and “expanding into new markets in Asia”, the official QNA news agency reported.
Under the deal, Lifestyle’s controlling shareholder Real Reward is selling 324 million shares in Lifestyle to QIA at a rate of HK$14.75 a share, at a 1 per cent premium to their close on September 23rd at HK$14.60. The company’s trading was suspended on September 24th.
“The Qatar Investment Authority’s investment in Lifestyle International Holdings is a continuation of the Qatar Investment Authority’s investment plan to diversify its global portfolio; this time in Asia. Today’s transaction adds to the number of investments made this year, including Qatar Investment Authority’s investment in European e-commerce (vente-privee.com); real estate in Spain and France (Colonial-SFL) and global business travel (American Express GBT joint venture)”, a spokesperson for the QIA said.
The QIA, which was founded in 2005 and is headed by Qatar’s emir, has invested billions of dollars in many businesses, including French energy giant Total, Germany’s Volkswagen, Britain’s Barclays Bank and Sainsbury’s supermarket chain. Its assets are currently estimated to be around $100-200 billion.
Lifestyle International Holdings operates several retail outlets in Hong Kong, including the Sogo department store.
Thomas Lau, Lifestyle’s chief executive, was quoted by the Wall Street Journal as saying “This strategic partnership with Qatar Holding demonstrates the confidence they have in the company and our business strategy and potential for growth. We will work closely together with Qatar to leverage on each other’s business strengths and network to further grow our business”.