THE final chapter in the long-running saga of control at Asia Securities International could soon occur with Stephen Riady's Lippo deciding to quit the battle with Nina Wang's Chinachem Group in a $843.2 million sale of shares. Lippo agreed, conditionally, to sell shares representing 50.1 per cent of the company to Hong Kong businessman Dai Xiao-ming, who is in residential, office and commercial property development in Hong Kong and China. The acquisition is through Fabulous Investments. It is due to buy 290.76 million shares at $2.90 each. Dan Form International is the parent of Fabulous and Mr Dai is managing director of both. A deposit of US$1.5 million was paid on the deal. The balance of the consideration is due to be paid in full in cash on completion of the agreement. Lippo said: 'In the opinion of the respective boards of directors of Lippo and Hongkong China [the Lippo subsidiary which holds the Asia Securities shares], the agreement is fair and reasonable and represents a good opportunity for Hongkong China to dispose of the shares and to realise its interests in Asia Securities at a profit of $155 million.' This could end a saga that had gone on for about two years, in which time both Lippo and Chinachem held more shares than was necessary to ensure 25 per cent of the issued capital was in public hands. The statement said the directors of Fabulous intended to continue with the existing business of Asia Securities. 'When appropriate opportunities arise, the directors of Fabulous may consider expanding the property development and investment business of Asia Securities.' The offer price represents a 6.2 per cent premium over the closing price of Asia Securities on Thursday, valuing the group at $1.68 billion. This was equivalent to the last audited net asset value of the group reported on December 31 last year. Asia Securities was suspended from trading on Friday. Lippo said the aggregate consideration represented 15.4 per cent of Hongkong China's consolidated net assets. Lippo owns about 74.8 per cent of Hongkong China's issued share capital. Asia Securities represents the property arm of Lippo.