PARAGON Holdings has become Hongkong's newest back-door listing with a $144 million deal to sell 43.17 per cent of the company to a mainland oil and natural gas group. Under the transaction CNPC, a mainland enterprise under the State Council will take up 960 million shares at 15 cent each. The shares are being bought from Elmoco International, Mr Leong Sik Hong and Mr Tan Fo King in two separate arrangements. A general offer is being triggered at 15 cents a share. The price values the company at $333.6 million, more than double the audited net asset value of the company and a 5.6 per cent premium over the close of Paragon shares at 14.2 cents on May 3. CNPC was formed in 1988 and is engaged in exploration, development, storage and transportation of oil, natural gas and associated mineral resources and the processing along with the utilisation of oil and gas and the related construction linked to such activities. ''CNPC is involved in the manufacture, procurement and sale of materials, equipment and appliances used in the petroleum industry,'' a company statement said last night. In an earlier deal 444.79 million shares were sold to Sonhan owned by Mr Wong Sin-hua, who is in real estate. Sonhan and CNPC have told regulators that they should be regarded as a concert party. Sonhan's shares were taken on at 8.8 cents a share. Standard Chartered Asia has been appointed to advise the minority shareholders, while China Development Finance (HK) is advising CNPC. Details of the offer are expected to be released as soon as possible. to shareholders. Trading in the shares of Paragon were suspended on Tuesday and they are expected to resume trading today.