HONG KONG :Chinese brokerage GF Securities' Hong Kong business has reached agreement with asset manager Value Partners to acquire a 20.2 per cent stake in the firm from its founding shareholders.
The purchase of 369 million shares at HK$3 per share totals HK$1.107 billion , Hong Kong-listed Value Partners said in a stock exchange filing on Thursday. GF Holdings is acquiring a 12.3 per cent stake from Value Partner's largest shareholder Cheah Cheng Hye and another 7.9 per cent from Yeh V-Nee, who together founded the China-focused asset manager in 1993.Value Partners says it is considering declaring a special cash dividend of no more than HK$0.50 per share prior to deal completion.
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