Li Ka-shing, Asia's wealthiest man, is donating HK$2.4 billion worth of his shares in Cheung Kong Life Sciences International (8222) to the Li Ka Shing Foundation, which the 78-year- old philanthropist established purely for charitable purposes.CK Life Sciences closed Wednesday at 85 HK cents per share - up 5 HK cents, or 6.25 percent.
In May last year, Li transferred the entire C$1.2 billion (HK$8.42 billion) proceeds from selling his 17,008,928 common shares in Canadian bank CIBC.
The foundation previously made a HK$1 billion donation to Hong Kong University, which then named its medicine school after Li.
Li, who is on a trip to Rome, met Italy's prime minister Romano Prodi and communications minister Paolo Gentiloni Wednesday to discuss his investment in 3 Italia, the telecommunications arm of Hutchison Whampoa (0013) in the country.
Li said last week in a press conference to announce the interim results of Cheung Kong (Holdings) (0001) and Hutchison Whampoa - both of which he chairs - that he would not follow in the footsteps of Warren Buffett, the world's second- richest man, who has pledged to donate the bulk of his assets to the Bill & Melinda Gates Foundation. Instead, Li has pledged to donate at least one third of his assets to his foundation.
A spokesperson said Li's move to donate his shares was not inspired by either Gates or Buffett.
Li established his foundation in 1980, long before Gates had even amassed enough assets to set up a foundation that could be widely recognized.
Li's spokesperson ruled out the possibility that the tycoon would donate his stakes in Cheung Kong, Hutchison Whampoa or Canada's Husky Energy as these were, respectively, the ultimate holding company, a multinational conglomerate and a core business.
The spokesperson declined to disclose the total asset value of Li's foundation.
