Publisher Sing Tao Holdings is likely to sell part of its 43 per cent interest in publishing associate Culturecom Holdings to Culturecom chairman Tang Lap-yan, sources say. Mr Tang, who is also an executive director of Sing Tao, is believed to be finalising a deal that would raise his stake in Culturecom to almost 35 per cent, from 0.15 per cent. The sale will allow Sing Tao to raise about $20 million before expenses while enabling Mr Tang to control Culturecom without launching a general offer. Culturecom shares jumped 30 per cent to 7.20 cents on relatively heavy turnover before trading was frozen yesterday afternoon. Sing Tao shares rose 13 per cent to 96 cents yesterday, which Sing Tao attributed to its 'advanced' talks with two interested parties, including one connected person. Sing Tao company secretary Seaman Kwok Siu-man would not reveal the identity of the party as talks were ongoing. 'We'll make a further announcement in due course,' he said. Sources said Mr Tang, backed by high-profile associates in the publishing sector, was likely to take control of Culturecom from Sing Tao - which is controlled by Sally Aw Sian. They said Mr Tang was paying about $20 million for almost 35 per cent, or about 377 million shares, of Culturecom. Separately, Sing Tao said yesterday Ms Aw was still 'at various stages' of discussion with 'a number of' independent third parties for the sale of all or part of her 50.04 per cent of Sing Tao. Sources said local and overseas companies had expressed interest in Sing Tao, which owns the Chinese language newspaper Sing Tao Daily News and English language daily Hong Kong Standard. However, only about five were likely to make offers, they said. 'These parties are now conducting due diligence over Sing Tao's operations and profit and loss records,' one source said. No agreements had been drafted, as Ms Aw was trying to secure the best offer after an aborted deal with property developer Mingly Corp. the source said. Mingly Corp's controlling shareholder, Cha Chi-ming, has been a friend of Ms Aw. Jardine Fleming Securities has been advising Ms Aw over the sale.