Wellcell Holdings' (HKG:2477) controlling shareholder WellCell Group agreed to dispose of 99.5 million, or 19.9%, shares in the company to Hang Feng International on Monday, a same-day bourse filing said.

The Chinese telecommunication network support and information and communication technology integrator's shares were sold at HK$4.52 apiece.

Following the disposal, WellCell Group's shareholding in the firm will decrease to 155.5 million, or 31.1% shares, from 255 million, or 51% shares currently.

WellCell Group will remain a controlling shareholder of the company after the sale, with Hang Feng International also becoming a substantial shareholder.