Hong Kong's rich­est man in­creases stake in O Luxe

The Star Malaysia - StarBiz - - Digital Trend -

HONG KONG: Bil­lion­aire Li Ka-shing agreed to buy shares in O Luxe Hold­ings Ltd for the se­cond time in a month, a deal that would make Hong Kong’s rich­est man the se­cond-largest in­vestor in the owner of an elec­tric-car maker. Shares of O Luxe rose.

Gol­drank Ltd, a wholly-owned sub­sidiary of Li Ka Shing (Over­seas) Foun­da­tion, agreed to buy 100 mil­lion shares at HK$1.60 each from O Luxe’s chair­man, ac­cord­ing to a state­ment to the Hong Kong Stock Ex­change yes­ter­day. The price was 8% be­low the stock’s last close.

Still, O Luxe ral­lied as much as 6.3% in Hong Kong trad­ing yes­ter­day – and have more than dou­bled this year – as the com­pany con­tin­ued to at­tract the in­ter­est of one of the re­gion’s most fa­mous busi­ness­men.

Though a dis­trib­u­tor of jew­elry and watches by trade, O Luxe re­cently bought con­trol of closely held Ja­panese elec­tric-car maker GLM Co, which has plans to li­cense its tech­nol­ogy to other man­u­fac­tur­ers in­clud­ing those in China.

The in­vest­ment would in­crease Li’s stake in O Luxe, which now has a mar­ket value of about US$1.3bil, to 7.3% from his first in­vest­ment in the com­pany in Septem­ber, when he pur­chased a 5.5% hold­ing.

The deal comes as sales of elec­tric ve­hi­cles surge in China, the world’s largest car mar­ket, on the back of state sup­port, prompt­ing global man­u­fac­tur­ers to boost their line­ups of such au­to­mo­biles. — Bloomberg

Higher stake: Li’s lat­est in­vest­ment in­creases his stake in O Luxe to 7.3%. – Bloomberg

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