Travel agency Ananda Wing On Travel (Holdings) denied it was paying too much to acquire assets from its major shareholders. The company issued a clarification of a proposed deal after pressure from the stock exchange. Ananda on May 20 said it planned to acquire a 50 per cent interest in a mainland hotel operation and an entertainment resort complex from chairman Chan Yeuk-wai and deputy chairman Chan Yeuk-pun. Ananda director Ellen Luk Yee-lin said the total price tag of $281.97 million included a $122.7 million shareholders' loan in the projects owed to the Chan brothers. 'Our company did not buy something too expensive, and the Chan brothers did not cash in anything,' Ms Luk said. 'What they will receive is only the company's shares, which means they are still optimistic about the company,' Ms Luk said. The acquisition will be settled by the issue of new shares in Ananda, raising the Chan brothers' stake in the company from 51.1 per cent to 61.4 per cent. However, few details were given of the financial position of the assets. The exchange refused to allow trade in the company's shares to resume until a clarification was made. 'The company will have to disclose details about the acquired assets' financial position so that the market and investors can keep informed,' said exchange official Lawrence Fok Kwong-man.