Beleaguered Siu-Fung Ceramics Holdings said Shui Hua Development and Enterprises as well as China Everbright Holdings Co have agreed to take a joint 51 per cent stake in the company. Shui Hua will take 30 per cent and China Everbright 21 per cent of the enlarged issued capital of Siu-Fung, raising $800 million. The sale will follow the completion of a debt restructuring and recapitalisation programme. The deal values Siu-Fung shares at about 32 cents per share. The company said yesterday its 'discussions with a consortium of banks, institutional investors, noteholders and other creditors regarding the restructuring of the indebtedness of the company are entering a decisive stage'. Siu-Fung pointed out that the agreement with China Everbright Holdings Co and Shui Hua Development and Enterprises was 'non-legally binding'.