The sale of Sally Aw Sian's 50.04 per cent stake in Sing Tao Holdings to property developer Mingly Corp was concluded last night, ending the Aw family's control over the publishing empire after 60 years. Mingly is 51.9 per cent controlled by pro-China businessman Cha Chi-ming and his wife Liu Bieju. Mingly will now make a general offer for the remaining Sing Tao shares through a new company provisionally named NewCo. The deal netted Ms Aw the $370 million she needs to repay debts. It values Sing Tao at about $740 million. The transaction will be conducted through NewCo - which is 49 per cent owned by Ms Aw with the rest held by Mingly. The deal allows Ms Aw to remain chairman of the group - which publishes the English-language Hongkong Standard newspaper and the Chinese-language Sing Tao Daily - although shareholder control has been wrested from her grasp. Ms Aw's troubles culminated two months ago after senior Sing Tao executives were charged with fraud for allegedly falsifying circulation data. Although Ms Aw was not charged, she was named as a conspirator - a decision that led to criticism she had been let off lightly because she is an adviser to Beijing. Under the proposed deal, Ms Aw plans to sell 209.99 million Sing Tao shares to the new company at $1.76 a share, a 23 per cent premium over the last closing of $1.43 last Friday. The new company must launch a general offer for the shares it does not own in Sing Tao at the same price after the sale has been completed, according to the takeover rules. Sing Tao also holds 43 per cent of Culturecom Holdings which publishes the Chinese-language newspaper Tin Tin Daily. The new company will not have to make a general offer for the remaining shares in Culturecom, according to the Securities and Futures Commission. To ensure funding for the general offer, Mingly will pump $740 million in cash into the new company in the form of a three-year loan. The loan will carry an interest rate of 2 per cent below prime.