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HONG KONG: The Hong Kong business of Chinese brokerage firm GF Securities has reached an agreement with asset manager Value Partners to acquire a 20.2 percent stake in the company from its founding shareholders.

Hong Kong-listed Value Partners said in a stock exchange filing on Thursday that the purchase of 369 million shares at HK$3 per share would total HK$1.17 billion ($141 million).

GF Holdings (Hong Kong) acquired a 12.3% stake from Value Partner’s largest shareholder, Cheah Cheng Hye, and further from Yeh V-Nee, who co-founded a China-focused asset management company in 1993. Acquire 7.9% stake.

Reuters reported on Monday that a deal was near.

Value Partners said it is considering declaring a special cash dividend of no more than HK$0.50 per share before closing the transaction.

(1 dollar = 7.8489 Hong Kong dollar) Chinese brokerage GF buys 20% stake in Value Partners in $140 million deal

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