Lau Family, Qatar To Boost Stakes In Lifestyle For $1bn
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Lau Family, Qatar To Boost Stakes In Lifestyle For $1bn

Lau Family, Qatar To Boost Stakes In Lifestyle For $1bn

Qatar Investment Authority’s holding will total 22.8 per cent from purchasing 2.9 per cent of the company, a statement said.

Gulf Business

Hong Kong’s Lau family and Qatar Investment Authority agreed to pay HK$7.75 billion ($1 billion) to increase their stakes in department store operator Lifestyle International Holdings Ltd.

Thomas Lau, Lifestyle’s chief executive officer, and his family will hold 50 per cent of the Hong Kong-based retailer after agreeing to buy a 29 per cent stake, triggering a mandatory offer for the owner of Sogo department stores, according to a Hong Kong’s stock exchange statement.

QIA’s holding will total 22.8 per cent from purchasing 2.9 per cent of the company, it said.

Thomas Lau plans to maintain the listing of the company after the close of the offer, Lifestyle said in the statement.

The shares were sold for HK$14.75 a share by Real Reward Ltd., a company half-owned by the Lau family and the other 50 per cent by Chow Tai Fook Enterprises Ltd., controlled by Hong Kong billionaire Cheng Yu-tung.

Lifestyle shares were down 1.2 per cent at HK$15.04 as of 3:25 p.m. in Hong Kong trading, after declining as much as 2.4 per cent earlier for their biggest intraday loss since Oct. 24.

QIA, the owner of the Harrods department store in London, bought 20 per cent of Lifestyle in October in its first major acquisition in Asia as the sovereign wealth fund diversifies its global portfolio.

QIA’s investments this year have included an European e-commerce company and global business travel through a joint venture with American Express Co.

QIA and the Lau family were considering options including a full takeover of Lifestyle, people with knowledge of the matter said in October.

Lifestyle runs two Sogo shopping malls in Hong Kong and four in China.


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