Qatar Holding quitting Sogo parent investment

Sovereign wealth fund Qatar Holding is selling its entire shareholding in China and Hong Kong department store company Lifestyle International Holdings (the parent of department store Sogo) and Lifestyle China Group for an aggregate HK$5.2 billion (US$662.8 million).

Lifestyle International Holdings says its substantial shareholder Bellshill Investment Company, a unit of Qatar, will sell its entire 23.16 per cent stake in the company for $4.45 billion through a share placement.

Bellshill plans to sell 371.12 million shares of the Sogo parent at $12 apiece. Lifestyle chairman Thomas Lau has agreed to buy 280 million shares, lifting his direct and indirect shareholding in the company to 69.16 per cent from 51.69 per cent.

The Qatar unit has also agreed to sell 371.12 million shares, or 23.16 per cent, of Lifestyle China Group for $753.4 million. Lau will buy 186 million shares, raising his direct and indirect shareholding in the firm to 63.3 per cent from 51.69 per cent.

No reason was given for the sale of the shares.

Qatar, through its unit Bellshill, bought 19.9 per cent of the department store company in Hong Kong and China in October 2014 from Chow Tai Fook Jewellery and the Lau family for $616 million.

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