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SCMP Reporter

Sing Tao Holdings, publisher of the Hong Kong Standard, said last night its chairman and controlling shareholder, Sally Aw Sian, was in talks to sell part or all of her 49.57 per cent stake in the newspaper publisher.

 The announcement followed suspension of the group's shares yesterday at $1.39 following a sharp 25 per cent, or 28 cent, rise in morning trade.

 Sing Tao said Ms Aw was at 'various stages of discussion with a number of independent third parties for the sale of part or all of her interest in the company'.

 This may or may not lead to a general offer for the company's shares, it said.

 At yesterday's price, the company is valued at $591.2 million and Ms Aw's own stake at more than $293 million.

 Market rumours identified as a possible buyer Cha Chi-ming, a businessman well-connected to the mainland who served on the Basic Law Drafting committee which wrote Hong Kong's post-handover constitution.

 Mr Cha made his millions during the textile boom of the 1950s and 1960s, money he later ploughed into developing Discovery Bay.

 His son, Payson Cha Mou-sing, is now in day-to-day charge of that business, while his daughter-in-law, Laura Cha May-lun, is deputy director at the Securities and Futures Commission.

 Staff at Sing Tao, which also publishes the Sing Tao Daily, were unaware of the sale talks yesterday.

 Ms Aw was recently named as a conspirator - but was not officially charged - in a fraud scam where other executives of the Hong Kong Standard were charged with inflating circulation figures to defraud advertisers.

 Rumours have emerged at various times in the past year that Ms Aw may be poised to sell her stake in the group established in 1951 by her father Aw Boon Haw.

 They surfaced a year ago when Sing Tao shares shot up amid speculation - later denied - that Ms Aw was negotiating to sell to the Malaysian based Quek family, which owns Hong Leong Group.

 At Sing Tao's annual meeting in August, in the wake of the Independent Commission Against Corruption's investigation into the Hong Kong Standard circulation figures scandal, Ms Aw did not rule out the possibility of selling her stake.

 This fuelled speculation she may be close to finalising a sale to a mainland party and sent Sing Tao shares to a record high of $4.75.

 In the six months to last September - the last set of results published - attributable profit rose to $121.21 million from $4.92 million in the previous corresponding period.

 Directors warned of a difficult second half as the region's financial turmoil had hit advertising income.



Sing Tao chief in talks on selling her 49pc holding