CHINA-BACKED construction company Hoi Sing Holdings says an unnamed party has offered to buy the 36.13 per cent stake in the hands of Shougang Concord Grand (Group) and a general offer will be triggered if the transaction goes ahead. In a joint statement by Shougang and Hoi Sing to the stock exchange yesterday, the companies said a third party had approached Shougang - which holds a 36.13 per cent interest in and 38.5 per cent of outstanding warrants of the company - to acquire its stake. Under the Code on Takeovers and Mergers, a general offer will be triggered if the transaction materialises. The firms did not name the potential buyer or the amount involved in the bid. 'The negotiations are at a preliminary stage and may or may not materialise eventually into an agreement,' the firms said. 'At present, no agreement has been reached.' The share price of the market laggard was propelled by the announcement yesterday. The construction firm, headed by the second son of mainland patriarch Deng Xiaoping, Deng Zhifang, saw its share price soar 19 cents, or 39.58 per cent, to close at 67 cents. Turnover rose significantly from last Friday's $321,280 to $6.6 million, with 11.2 million shares crossing the board. The share price of Shougang rose three cents, or 3.26 per cent, to 95 cents. Hoi Sing, one of the five subsidiaries of Shougang, reported a loss of $5.85 million in the six months to June 30 last year. In the interim result announced in September, the group said its profit had been hit by stiff market competition and the group was undergoing a streamlining of the corporate structure. The giant steel maker acquired a 39 per cent stake in Hoi Sing in August 1993. Hoi Sing is mainly engaged in public sector works.