Planetree International Development (HKG:0613) said a non-wholly owned unit, Planetree (BVI) Capital, sold 1.6 billion shares of Hao Tian International Construction Investment (HKG:1341) for a total consideration of HK$238.7 million, according to a Monday bourse filing.

Shares of Planetree rose about 1% in Tuesday morning trade, while Hao Tian edged nearly 1% lower.

The disposals, completed between Nov. 3 and Nov. 10, represented about 14.8% of Hao Tian's issued share capital and were executed at an average price of HK$0.1492 per share.

Planetree expects to record a total disposal loss of about HK$103.7 million, or HK$72.8 million attributable to its shareholders after accounting for minority interests, the filing said.

Net proceeds of roughly HK$237.9 million will be used to fund working capital and business development of Planetree Capital and its subsidiaries.