A KADER Investment-led group has agreed to buy a 51.99 per cent interest in Hoi Sing Holdings for about $174 million. Under the deal, Dragon Light, which is 74.05 per cent owned by Kader and 25.95 per cent by the Charm family, will buy 129.9 million Hoi Sing shares at $1.34 each. Because the Charm family, originally the majority shareholder in Hoi Sing, is also the vendor in the deal, the family virtually retains a 13.49 per cent interest in the construction stock. Through Dragon Light, Kader Investment will indirectly maintain a 38.49 per cent stake in Hoi Sing. Kader Investment said it did not intend to change Hoi Sing's existing businesses, which were made up of public sector building construction, civil, marine and site formation work in Hong Kong. As Kader Investment was engaged in property investment in Hong Kong and China, the company said it believed that synergy could be achieved through the deal. Of the total consideration, $25.9 million has been paid as a deposit, with $102 million in cash on completion of the deal.
