Li & Fung Limited took a step closer to spinning off its global brands and licensing segment Thursday when it filed an application to list shares of that business as a separate stock with the Hong Kong Stock Exchange.
The application seeks to list shares in Global Brands Group Holding Ltd, which is incorporated under the laws of Bermuda.
Should the exchange approve the listing, the Li & Fung board will have to vote to approve the spin-off.
The company, which provides sourcing and other logistics services for global brands and retailers, announced several board changes at its annual meeting Thursday.
Benedict Chang Yew Teck retired by rotation as a non-executive director and confirmed that he has no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the company.
Margaret Leung Ko May Yee, an independent non-executive director of the company, has assumed the role of Paul Edward Selway-Swift as the chairman of the audit committee of the company.
Dr. William Fung Kwok Lun, group chairman and an executive director of the company, and Mr. Martin Tang Yue Nien, an independent non-executive director of the company, have been appointed as members of the nomination committee of the company.
Paul Edward Selway-Swift, an independent non-executive director of the company, will continue to be a member of the audit committee and the chairman of the nomination committee of the company.