TheDeal.com, 5 May 2009, Baz Hiralal
Last summer we highlighted how Hong Kong's Li & Fung Ltd. took advantage of the economic slump by acquiring several U.S. retail companies. Now comes news that the consumer goods exporter plans to raise HK$2.7 billion ($348 million) selling new shares at a discount to fund acquisitions in the U.S. and Asia, according to a Bloomberg report.
News of Li & Fung's capital raising surprised market watchers since it had raised $500 million in September for acquisitions with a share sale to Temasek Holdings Pvt. Ltd
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