Major Holdings (HKG:1389) said Silver Tycoon completed the sale of about 298.1 million shares, representing 53.77% of the company's issued share capital, to Max Premier on Oct. 5 for HK$102.3 million, according to a Monday filing to the Hong Kong Stock Exchange.

Shares of the company were up 38% in Tuesday afternoon trading.

Max Premier will make a mandatory unconditional cash offer through Kingston Securities for the remaining shares at HK$0.3428 apiece, valuing the offer at about HK$87.8 million, the filing said.

Trading in the company's shares resumed Tuesday after being suspended on Oct. 2.