Fujian Group plans to cut the terms of a share sale deal announced last year because the subscriber of the shares has not paid in full as scheduled. The move will mean the share vendor - former majority shareholder Pelota Worldwide - will receive $195.8 million less. Fujian did not say yesterday why Sino Earn Holdings failed to pay on time and why it had not taken action against Sino. The original share sale deal was announced on April 23, when Pelota agreed to sell 137.9 million Fujian shares to Sino Earn at $2 each, reducing its interests in Fujian from 45.42 per cent to 28.17 per cent. Sino Earn is 70 per cent owned by Fujian Huaxing Industrial and 30 per cent by Fujian Huaxing Trust & Investment. Pelota should have received $275.8 million from the sale. Fujian said Sino Earn had only paid $62 million. The legal titles of the sold shares had been transferred to Sino Earn, boosting its Fujian interest to 32.1 per cent. Fujian said Pelota and Sino Earn had entered into a supplementary agreement to adjust the price of the share sale downwards from $2 to 58 cents each, thereby reducing the transaction amount from $275.8 million to $79.98 million. The adjustment would reduce the amount owed by Sino Earn to Pelota from $213.8 million to just $17.89 million, which should be payable before February 25. The new sale price was determined based on Fujian's net asset value as of September 30 last year.