Osman Mohammed Arab and Lai Wing Lun, as receivers, entered into an agreement to sell a controlling stake of 73.56% in Jiayuan Services Holdings (HKG:1153) to Valuable Capital for HK$99 million, according to a Sunday filing with the Hong Kong bourse.

A total of 450 million shares were sold for HK$0.22 per share. The purchaser completed the transaction by offsetting the amount against the existing debt.

Following the acquisition, a mandatory cash offer for the remaining shares under the takeovers code was triggered. The completion of the deal will be subject to conditions.