Companies controlled by actor Jackie Chan Kong-sang and his associates are taking a controlling 30.7 per cent stake in locally listed Global Food Culture Group, which runs Japanese restaurant chains.
Joining Mr Chan in the venture are Emperor Group owner Albert Yeung Sau-shing and Vincent Cheung Ting-kau.
Mr Chan's group will pay 30 cents per share when they buy 110 million shares from Global Food chairman Thomson Tang Sung-kwong and 9.16 million from Kwok Sze-lo, sister of director Kwok Ying-ying.
Mr Chan was named as new chairman among six new board members, with four resigning, including Mr Tang.
Mr Chan would use his extensive connections in the entertainment business to benefit Global Food, an announcement of the deal said.
'Jackie Chan . . . will participate in the management of the company,' it said.