PACIFIC Concord Holding is selling its 69.44 per cent stake in Pacpo Holdings to Peace Hill Enterprise for $198.5 million. Pacific Concord's stake in Pacpo is held through its subsidiary, Red Hill. Out of the sale price of $198.5 million, a total of $169.79 million represents a loan made by Pacific Concord to Red Hill. A deposit of $40,000 has been paid by Peace Hill's subsidiary, Mountain Sky, to Pacific Concord. The sale will trigger a general offer whereby Mountain Sky will acquire all the offer shares at a price of $4.46 per share. The offer price represents about a 1.4 per cent premium to the stock's closing price of $4.40 yesterday. The Peace Hill Group was set up by Tsoi Yick-ying and his wife Winnie Kwok Oi-man in the early eighties, initially as an agent for the buying and selling of power plants. In recent years, the scope of its business has been expanded to include the establishment and operation of power plants with Chinese partners including the Bank of China's branch in Shantou, Guangdong. Mr Tsoi holds a 75 per cent stake in the company while the remaining interest is held by his wife.