Li & Fung has sold a 21.7 percent stake in its rather sophisticated LF Logistics business to a Singapore-based investment company, Tomaskek, for $300 million to help expand its operations in Asia and improve its own capital structure. The group saw its revenues decline by 8.4 percent on an organic basis in the first half of this year, down to $5.6 billion, due to the bankruptcy of some clients and pressure on their sales and margins. However, the operating margin improved to 10.9 percent from 10.5 percent in the same period of last year, and the company turned around to a profit of $21 million from a loss of $86 million.