MAXTON International, controlled by mainland interests, confirmed yesterday it had bought 472.5 million shares, or 53.7 per cent, of Innovisions Holdings from Dickson Concepts for $158.7 million. The price of 33.6 cents a share represents a 31.4 per cent discount to Wednesday's close of 49 cents. Innovisions was suspended from trading yesterday pending an announcement. Maxton said the offer price represented a premium of about 100 per cent over Innovisions' audited net asset value per share of 16.8 cents as of March 31, 1993. Maxton has entered into an agreement with Shanghai International Strategic Investments (HK) (SISI) which will see SISI buy 32 million shares, or 3.6 per cent of the issued share capital, from Maxton at 33.6 cents a share. Maxton said it did not intend to make any material changes to Innovisions' existing business of eyewear retailing and had no plans to inject assets into the company. It intends to maintain the company's listing and will ensure that not less than 25 per cent of the company's issued share capital will be held by the public. Maxton, which was incorporated in the British Virgin Islands in July last year, is 60 per cent-owned by Euroway Developments, a subsidiary of Shenzhen Building Materials Industrial Group. Firmtom, a wholly owned subsidiary of Allied Industries International, and Fox Trail, a company controlled by Raymond Ng Hock-lap, each own a 20 per stake. Mr Ng and M.C. Sheng are directors of Maxton. Shenzhen Building Materials is a state-owned enterprise involved in the production and sale of building materials. It controls a variety of enterprises, including Shenzhen-listed China Southern Glass. Dickson attempted to sell Innovisions late last year after being approached by an independent third party, but discussions were terminated after the two sides were unable to reach an agreement. Innovisions posted a profit of $6 million for the six months ended September 30 compared with $2.1 million a year earlier. Turnover climbed 4.5 per cent to $20.6 million, while earnings per share were 68 cents.