The owners of Toys & # 39; R & # 39; We are configured to take their 85 percent stake in Toys (Labuan) Holding, in a move to separate Asian asian retailer of toys from their main dad in the United States.
The owners of the high security notes of the TRU Taj LLC or the holders of Taj are acquiring the participation in Toys (Labuan) Holding, the entity that will operate and license the Toys & # 39; R & # 39; Us in Asia.
Taj and Fung Retailing notes holders, who have the remaining 15 percent interest in Toys (Labuan) Holding, have accepted new terms of association in a transaction that values Toys (Labuan) at about $ 900 million (S $ 1,200 millions).
Fung Retailing also agreed to increase its participation to 21%, which makes it the largest shareholder of Toys (Labuan).
The holders of the Taj note include several investment funds and financial institutions with extensive experience in investing in international companies and retail companies.
The new owners of Toys (Labuan) will retain the president and chief executive Andre Javes and his management team.
Mr. Javes said that the company "will make a significant investment in technology to boost its infrastructure for the future."
Pieter Schats, executive director of Fung Retailing, said: "As a sign of the trust we have in the management team and the future success of Toys' R & # 39; Us in the region, we are pleased to increase our participation in the company, reflecting our commitment to supporting Toys & # 39; R & # 39; Us Asia to reach new heights.
"The growth prospects of the company in Greater China, Japan and Southeast Asia are bright and we are very excited about investing and owning the company in collaboration with Fung Retailing."
The conclusion of this transaction will give clarity to the ownership of Toys' operations & # 39; R & # 39; Us Asia, which cover more than 450 stores in Japan, Great China and Southeast Asia and other 85 licensed shops in the Philippines and Macau.
Toys & # 39; R & # 39; Asian store establishments have carried out business as usual, despite the liquidation of US retail operations. UU. After Toys' R & # 39; I was presented with credit protection last September.
There were 11 Toys & # 39; R & # 39; You store in Singapore, employing 350 employees, as in September last year.