Auto Italia (HKG:0720) said its substantial shareholder VMS Investment agreed to sell a majority of its stake in the business to B-ON Global, according to a Hong Kong bourse filing Thursday.
Shares of the property investor fell over 1% in morning trade Friday.
VMS Investment, which is wholly-owned by Auto Italia chief executive Chong Tin Lung Benny, plans to sell 1.3 billion shares of the company representing 21.34% of the business.
Following the sale, the firm will continue to own 270.9 million shares representing 4.45% of Auto Italia.
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