Sally Aw sells interest in Sing Tao to fund for HK$262.5m

HONG KONG, Wed: Media tycoon Sally Aw Sian has agreed to sell her stake in publishing house Sing Tao Holdings Ltd to a fund owned by investment house Lazard Asia Ltd for HK$262.5 million (RM1 = HK$2). A Lazard statement issued late yesterday said it will buy 47 per cent of the company's shares held by creditor banks and a further 3.0 per cent from companies controlled by Aw for HK$1.25 a share. The deal values the entire company at HK$524 million. On completion of the purchase the fund, Astral Light Investments Ltd, will make a full offer for all outstanding Sing Tao shares at the same price. Under the structure of the deal, Au will be appointed a special adviser to the Sing Tao board and…