Benz dealer planning US$800m relisting?

HONG KONG: Lei Shing Hong Ltd, which runs Mercedes-Benz dealerships in Asia and Europe, is planning to relist here in a deal that could raise US$800 million (RM3.12 billion), said sources.

The company was working with investment banks on the planned share sale, said the people.

Lei Shing Hong was targeting to list as soon as the second half of this year, according to the people.

Lei Shing Hong is preparing a return to the equity market, here, a decade after being taken private in a deal valuing the company at about US$1.4 billion.

It was founded by late Malaysian tycoon Lau Gek Poh, whose family also controls US$6.1 billion conglomerate Hap Seng Consolidated Bhd and palm oil producer Hap Seng Plantations Holdings Bhd.

Daimler AG, the owner of Mercedes-Benz, said in May it acquired 15 per cent of Lei Shing Hong for an undisclosed amount.

Lei Shing Hong runs MercedesBenz dealerships in mainland China, Taiwan, South Korea, the United Kingdom, Germany, Australia, Vietnam and Cambodia. It also sells Porsche vehicles in South Korea.