HK Asia's (HKG:1723) chairman Siu Muk Lung sold 281,070,000, or 70.26%, shares in the company to four buyers for nearly HK$126.5 million, a Monday bourse filing said.
The disposal of shares in the wholesale and retail company was completed Jan. 15.
Following completion, the buyers are required to make a mandatory unconditional cash offer for all the issued shares of the company.
In line with this regulatory requirement, Get Nice Securities will, on behalf of the four purchasers, make an offer for the acquisition of the remaining 118,930,000 shares in the company for HK$53,518,500 or HK$0.45 apiece.
The firm, on Jan. 14, also agreed to issue nearly HK$33.8 million of convertible bonds to the four buyers comprising 210K Capital, Sora Valkyrie, Top Legend, and Allied Top Investments.
The bonds are convertible into 75 million shares, or 15.79% of the company's enlarged issued share capital, at HK$0.45 apiece.
The board is also proposing to change the company's English name to Moon Inc. as this will better reflect the firm's strategic pivot towards cryptocurrency and Web 3.0 technologies following the sale of shares to the four buyers.
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