Paragon Shine has completed its acquisition of a controlling stake in Sun Art Retail Group (HKG:6808), according to a Friday filing with the Hong Kong bourse.
Paragon Shine and its designated entity, Lavender Haze, acquired about 78.7% of Sun Art's issued share capital.
The acquisition involved the purchase of 7.51 billion shares with an initial payment of HK$6.91 billion, a deferred balance of HK$3.45 billion, plus potential interest.
Following the deal, Paragon Shine is set to launch a mandatory takeover offer, with details to be published by March 6.
Last month, Alibaba Group (HKG:9988) agreed to divest its interest in Sun Art to Paragon Shine.
Shares of Sun Art Retail fell 5% in recent trading in Hong Kong.
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