Red chip Cosco Pacific's proposed purchase of a 20 per cent stake in Liu Chong Hing Bank is set to proceed following a series of adjustments to the share placing and subscription deal. Both companies announced that the shipping firm had agreed to acquire 54 million shares from the bank's majority shareholder Liu Chong Hing Estate Co (LCH Estate) and 13 million shares from the Liu family at $23.88 a share. LCH Estate agreed to subscribe for 35 million Liu Chong Hing Bank new shares at the same price. The announcement said the revised agreement would supersede the placing agreement made in July and would mean neither LCH Estate nor the Liu family would incur any obligation to make a general offer for Liu Chong Hing Bank. In July, Cosco Pacific said it was to buy a 20 per cent stake in the bank, comprising 64 million shares from LCH Estate, five million from the Liu family and 20 million shares from its parent, Cosco (Hong Kong), all at $23.88 per share. LCH Estate will withdraw its application made to the Securities and Futures Commission for a waiver of a general offer obligation, which was refused as the commission considered Cosco Pacific 'not sufficiently independent' of the sellers of the bank's shares. When the deal is completed on or before October 13, the bank will be 45 per cent owned by LCH Estate, 2.23 per cent by the Liu family, 20 per cent by Cosco, with the balance by other investors.