Qatar to buy stake in HK department store operator
Qatar Holding LLC has agreed to pay USD616 million for about one fifth of Lifestyle International Holdings, a department operator in Hong Kong and mainland China – the latest addition of a high-end retail brand to the sovereign wealth fund’s portfolio.
Lifestyle’s stores include a Sogo branded store in Hong Kong’s bustling shopping district of Causeway Bay and four Jiuguang stores on the mainland.
A unit of Qatar Holding will pay HKD14.75 per share for the 19.9 percent stake, a 1 percent premium to Lifestyle’s last traded price of HKD14.60, the statement added. Qatar Holding will get one board seat on the completion of the transaction.