Skymission Group (HKG:1429) became the subject of a mandatory takeover offer after a change in the ownership of the business, according to a Hong Kong bourse filing Friday.

Shares of the construction company gained over 10% in late-morning trade Monday.

The firm said it was informed of the sale of 1.2 billion shares representing 75% of its issued share capital at HK$0.095 per share, or HK$114 million in total.

The shares were sold by Skymission's chief executive, Leung Yam Cheung, to Dacheng International.

The buyer has now offered to acquire the rest of the company on the same terms.

Skymission said it had formed an independent board committee to advise minority shareholders on the matter.