Audio-products manufacturer Ngai Lik Industrial Holdings says it offered to buy the entire interest of a private company that will be incorporated in the British Virgin Islands for NT$480 million (about HK$137.9 million). The company said it had executed a letter of intent for the purchase of the new company from Kuo Ling Tse on behalf of various parties. The move would be financed by internal resources and bank loans, it said. Upon completion of the deal, the new company would hold the entire interest in Taiwan-incorporated Tontse Industrial Co and Hong Kong-incorporated Litonor Technology Co. The main businesses of Tontse Industrial and Litonor Technology are the design, manufacturing and trading of engines for motorcycles and assembly of motorcycles. They have operations in Taiwan, Zhuhai and Xiaoshan in Zhejiang province in China. The company said the sellers, apart from Lam Man-chan, which has a 12.5 per cent stake in the two companies, were independent third parties. It said the formal sale and purchase agreement would be signed within the next two weeks. The company also said it had cancelled a proposed investment of not more than 102 million yuan (about HK$94.6 million) in a mainland fertiliser plant announced in August. It said the decision was made after careful consideration of the results from a due diligence study and because of disagreements with a third party over certain terms and conditions in the deal.