TAK Sing Alliance Holdings said yesterday it had purchased controlling stakes in two firms owned by chairman Ma Kai Cheung and managing director Ma Kai Yum for $94.5 million. Tak Sing will acquire 80 per cent of Amica Development and 78.4 per cent of Amica Development (China). It already owns 10 per cent of the former and 12.3 per cent of the latter. The company said the acquisition had been settled through arm's-length negotiations, and that it was a fair and reasonable deal. Amica's major asset is an interest in the Crystal Palace Restaurant Club in Shenzhen, a co-operative joint venture with Regent Enterprises located within the Hotel Oriental Regent. Other assets are interests in the Regent Carrianna Chiu Chow Restaurant and the Regent Carrianna Health Centre, also in the Hotel Oriental Regent. For calendar 1992, the mainland joint ventures posted an aggregate net profit of 12.4 million yuan (about HK$11 million). The Ma family has guaranteed that aggregate audited profit for last year will be at least $15 million, and at least $16.5 million this year. The deal will be financed by $68.8 million in cash and the issue of 31.3 million new shares at $1.10 each. This represents a 4.8 per cent premium to Tak Sing's closing price of $1.05 on Friday. On Thursday, the company's stock jumped 9.8 per cent, or nine cents, to $1 on unusually large trading volume of 8.4 million. The new shares represent 5.7 per cent of Tak Sing's existing share capital and will represent 5.4 per cent of its enlarged issued share capital. On completion of the deal, the Ma family will own 57 per cent of Tak Sing.