Thomas Lau intends to buy Lifestyle International's US$350 million outstanding bonds

Lifestyle International said its ultimate beneficial owner Thomas Lau Luen-hung intends to purchase all outstanding principal of the US$350 million (HK$2.73 billion) 4.8 percent guaranteed bonds at par in the secondary market. 

Lau currently holds approximately US$161 million in principal amount of the bonds, according to a filing earlier. He intends to complete the purchase before the bonds reach their maturity on June 18.

The Hong Kong-based retailer, which runs SOGO Hong Kong, was privatized in 2022, but the bonds are still listed on Hong Kong Exchanges and Clearing (0388).

UBS is commissioned to acquire the bonds in the market, market sources said.