Troubled investment vehicle vLink Global's largest investor is about to sell out of the firm for the second time in a year.
Yu Ming Investments, which holds 26.5 per cent, has agreed to sell its stake for HK$51.8 million.
The deal is worth 3.3 HK cents per vLink share, a 50 per cent premium to the closing price on Tuesday before the stock's suspension. The price is a 63.73 per cent discount to vLink's net asset value of HK$534.2 million at April 30, according to a vLink announcement.
VLink's net asset value does not include any provision against the value of an 85 per cent stake in an online movie retailer, WebVideoShop.com, acquired for HK$255 million in cash.
At the time of the acquisition the purchase price was more than 250 times WebVideoShop.com's net asset value.
No name was given for the buyer of Yu Ming's stake in vLink but it is owned by three individuals.
