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Sing Tao Holdings' share price soared 14 per cent yesterday on reports the publisher is set to be acquired by honorary chairman Charles Ho Tsu-kwok.

Talks between Mr Ho and Lazard Asia Fund could result in an agreement this month in which the tobacco tycoon would buy Lazard's 51.4 per cent stake in Sing Tao, according to Chinese-language daily Ming Pao.

The share finished at HK$1.35.

Mr Ho, who inherited a cigarette empire from his late grandfather Ho Ying-chie, the former chairman of Hong Kong Tobacco Co, is said by close associates to be inclined to expanding his interests in the media industry. While Wong Wai-ming, chief executive officer of Mr Ho's publicly listed investment flagship Global China Technology Group, would not return calls for comment, sources within the company confirmed the negotiations were progressing.

Lazard is believed to be asking nearly HK$800 million for its controlling stake in Sing Tao, which it purchased in mid-1999 from former chairman Sally Aw Sian for HK$262 million.

While Mr Ho does not have a significant equity stake in Sing Tao, he was appointed the company's honorary chairman because of his close links with Lazard.

Ms Aw sold her stake in the 63-year-old publishing company established by her father to help repay a HK$247 million debt to the elder Mr Ho.

Lazard has been looking for a buyer for its Sing Tao stake for several months and is believed to have come close to a deal in November.

Analysts said the asking price had tarnished the attractiveness of the investment fund's Sing Tao stake.

'Sing Tao's income has historically been heavily dependent on property advertisements, contributions from which have been in decline for several years now,' one media analyst said.

The analyst pointed out that the Sing Pao Daily - with similar circulation of about 70,000, changed hands for only HK$150 million last year.



Sing Tao shares soar on reports of deal between Lazard and Ho