Sun International Securities and Sun International Asset Management, both Hong Kong-based and part of Sun International Financial Group, will become wholly-owned subsidiaries of Sun International Resources.

For a total of HK$147.3 million, Sun International Resources has agreed to acquire 140 million shares of Sun International Securities and 6.5 million shares of Sun International Asset Management.

“The transactions will enable the company to diversify its business segments and enhance future shareholders’ return after the acquisition, as well as to broaden its portfolio of services to the financial services business segment through direct investment in and hands-on management and operation of the target companies,” said the chairman and executive director of Sun International Resources, Cheng Ting Kong.

Sun International Financial Group is half-owned by Chau Cheok Wa and half-owned by Cheng's wife, Yeung So Mui. Chau and Cheng are believed to be interested in approximately 47 per cent of the issued share capital of Sun International Resources, the company said in a statement.