Perfect Group International (HKG:3326) said shareholders approved the privatization scheme by Immaculate Diamonds at a court meeting and extraordinary general meeting held on Oct. 13, according to a same-day joint Hong Kong bourse filing.

Shares of the firm were up nearly 1% in Tuesday morning trade.

The resolutions to cancel and extinguish the scheme shares, issue new shares to the offeror, and implement the c ⁵apital reduction were all passed with more than 99.99% of votes in favor.

Subject to court approval, the scheme is expected to become effective on Oct. 28, with trading in the shares ending Oct. 17 and listing withdrawn on Oct. 31, the filing said.