Sun Art Retail (HKG:6808) Chairman Huang Ming-Tuan will step down effective after the release of the composite document of Paragon Shine's acquisition of a controlling stake in the hypermarket chain.

Huang will remain a non-executive director until the first closing date of the acquisition, according to a Friday filing with the Hong Kong bourse.

Julian Juul Wolhardt, co-founder and chief exeuctive officer of DCP Capital, will succeed Huang immediately following the publication of the composite document, the filing said.

Paragon Shine and its designated entity, Lavender Haze, acquired about 78.7% of Sun Art's issued share capital.

Shares slipped 6% during Friday's afternoon trading.