• I.T Limited completes privatization process.
• Payments to scheme shareholders will be made on or before 7 May.
• 99.99% of disinterested shares voted in favour of the privatization.
• The Founder Group will remain the majority shareholder of the privatized business.
(30 April 2021 – Hong Kong) I.T Limited (“I.T” or “the Company”) announces the completion of the company’s delisting from the Stock Exchange of Hong Kong. The delisting follows shareholder approval of the offer to privatize I.T by Brooklyn Investment Limited (“the Offeror”), owned by the Founder Group and funds advised by CVC Capital Partners (“CVC”), a leading global private equity and investment advisory firm.
On 16 April, I.T Limited held the Scheme and Special General Meetings on the offer. Disinterested shareholders holding over 99.99% of scheme shares voted in favour of the proposed privatization. Final payments of HK\$ 3 per share to I.T’s shareholders will be completed on or before 7 May.
“The support that the privatization received from our shareholders has been very encouraging,” said Chairman Sham Kar Wai, “We thank our shareholders for their support over the past sixteen years, which has helped the company expand across new markets and brands. This is an important milestone as we undertake a long-term transformation of our businesses.”
The Founder Group will remain the majority shareholder of the privatized company, which will become two businesses, I.T and A Bathing Ape (“BAPE”). CVC will become a significant minority shareholder and strategic partner for the BAPE business. The Founder Group will maintain its commitment to the continued growth of the I.T business.
Yann Jiang, Director at CVC, said: "We are very pleased to partner with the Founder Group and the BAPE team. Chairman Sham and his management team have developed a compelling global streetwear brand with an extensive following, and we look forward to working together to continue this success."
