Mubasher: Sovereign wealth fund Qatar Holding LLC on Wednesday said that it will sell its stake in China and Hong Kong department store operator Lifestyle International Holdings and Lifestyle China Group.
The fund, which is one of the world's largest sovereign funds, will sell its stake for $622.83 million, Reuters reported.
Bellshill Investment Company, a unit of Qatar, will sell its shareholding of 23.16% or 371.12 million shares in the company for a combined value of $567.4 million through a share placement, Lifestyle International told the news agency.
Chairman of Lifestyle Thomas Lau has agreed to purchase 280 million shares, Reuters added.
The Qatari fund did not give further details concerning the reason for selling its shares.
