Hong Kong-based Sun International Resources has agreed to acquire Sun International Securities and Sun International Asset Management for HKD$147.3m.
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Under the terms of the deal, Sun International Resources will purchase 140,000,000 shares in the issued share capital of Sun International Securities and 500,000 shares in the issued share capital of Sun International Asset Management.
Following the acquisition, both the companies will operate as indirect wholly-owned subsidiaries of the company.
Sun International Resources chairman and executive director Cheng Ting Kong said: "The transactions will enable the Company to diversify its business segments and enhance future shareholders’ return after the acquisition, as well as to broaden its portfolio of services to the financial services business segment through direct investment in and hands-on management and operation of the Target Companies."
The company said that Sun International Financial is 50% held by Chau Cheok Wa and remaining 50% by Yeung So Mui, the spouse of Cheng Ting Kong.
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