BRIEF: Bossini privatization approved, to delist in mid-March
Casual wear retailer Bossini International Holdings Ltd. (0592.HK) said on Monday its shareholders overwhelmingly accepted a privatization offer from Viva Goods Co. Ltd. (0933.HK), a company under sportswear seller Li Ning Co. Ltd. (2331.HK). The proposal was approved by 98.84% of votes at a court meeting and 99.95% at a special general meeting. Bossini is expected to withdraw from the Hong Kong Stock Exchange on March 17, ending its 32-year listing.
Under the privatization plan, shareholders will get one Viva Goods share for every five Bossini shares, which will be followed by the cancelation of Bossini’s shares. Based on the exchange ratio, Viva Goods will distribute approximately 246 million new shares and 171,800 share options to Bossini shareholders and option holders, representing about 2.47% of Viva’s enlarged share capital.
Viva Goods said that Bossini is undergoing a brand transformation, and privatization will reduce the costs and expenses associated with maintaining a public listing. This will give management greater flexibility in financial and operational decisions, allowing it to focus resources on developing the new brand bossini.X.
Founded in 1987 by the Law Ting Pong family, a prominent Hong Kong textile dynasty, Bossini was listed on the Hong Kong Stock Exchange in 1993 and operated nearly 1,000 stores worldwide at its peak. In 2020, Viva Goods, together with Law Ting Pong’s descendants, acquired 66.6% of the company.
By Lee Shih Ta
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