UBA Investments (HKG:0768) said the disposal of 192 million shares in the company has triggered a mandatory offer by Upbest Securities to acquire all remaining shares in the company.

Earlier this month, UBA entered into a sale and purchase agreement with Upbest Securities to dispose of 192 million shares in the company at HK$0.03 a piece.

Following this, the offeror and parties in concert hold approximately 41.84% of the company's total issued share capital, according to its Wednesday bourse filing.

Consequently, in accordance with the Takeovers Code, the offeror must make a mandatory conditional cash offer for all the remaining issued shares.

The offer is HK$0.03 per share, and it's conditional on the offeror and concert parties holding over 50% of the company's voting rights after acceptances.