Chinese Tycoon’s Daughter Buys Hong Kong Newspaper Control
- Charles Ho agrees to sell controlling stake at 65% premium
- Move comes as Beijing takes heavier hand in Hong Kong affairs
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Kwok Hiu-ting, the daughter of Kaisa Group Holdings Ltd. chairman, has agreed to buy the controlling stake in major Hong Kong media firm Sing Tao News Corp. for about HK$370 million ($48 million).
Charles Ho, the chairman of Sing Tao, agreed to sell 246.6 million shares at HK$1.5 each to Kwok, according to a statement to the stock exchange on Wednesday. The price represents a 65% premium to Sing Tao’s last close of HK$0.91 on Jan. 28 before a trading halt.