SG Group (HKG:1657) said its chairman and chief executive Choi King Ting completed the sale of his 74.91% controlling stake to Hong Kong Weiye Software, according to a Tuesday filing with the Hong Kong bourse.
The sale triggered a mandatory takeover offer for the rest of the business and Weiye Software has offered to purchase shares it does not already own for HK$8.323 per share in cash.
The firm previously established an independent board committee to advise shareholders on the matter.
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