Li & Fung Ltd. said Tuesday it has reached an agreement to sell its Asia consumer and health-care business, LF Asia Distribution, to Dah Chong Hong Holdings Ltd. for $350 million in cash.

The Hong Kong-based company said it opted to sell the business as part of its strategy to focus on its core trading and business logistics. Li & Fung said the deal is expected to close by the end of June 2016.

Li & Fung said last month it was talking to third parties about a potential sale of the business.

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