Hong Kong-listed Guoco Group, controlled by Malaysian businessman Quek Leng Chan, has offered to buy the remaining shares in Camerlin Group, after taking a stake in the company. Camerlin's key asset is a 22.3 per cent stake in BIL International, whose core asset is the Thistle Hotels Group, which manages more than 50 hotels in Britain. The group said it would buy 40.03 per cent of Camerlin and 72.25 per cent of its irredeemable convertible unsecured loan stocks for a combined $485.5 million. Earlier this week, Guoco sold its Hong Kong insurance arm Dao Heng Insurance to sister company Allstate Health Benefits, also controlled by Mr Quek. According to a Guoco statement, Camerlin is controlled by Hong Leong Industries in which Mr Quek is 'a major shareholder'. Senior management at both companies could not be reached for comment. One analyst said it was a signal the company was trying to build a multi-business conglomerate, focused on Singapore and Malaysia. There has been much speculation about Guoco's plan for Hong Kong since the group sold its flagship Dao Heng Bank in 2001. A securities trading and margin-financing arm are all that remain of the group's Hong Kong business.