Chinese logistics giant S.F. Holding Co has offered to buy a 51.8 percent stake in Hong Kong-listed Kerry Logistics Networks Ltd, it said in an exchange filing on Tuesday.

The offer, at HK$18.8 ($2.43) per share and valuing the total transaction at HK$17.6 billion, will be conducted by S.F. Holding unit Flourish Harmony Holdings Co Ltd, it said in the filing. The price represents a 19.83% discount to the stock’s last close of HK$23.45 on Feb.4, prior to a trading halt.

Kerry Logistics said it will separately declare a special dividend of HK$7.28 per from the sales of its warehouse assets for HK$13.5 bln ($1.74 bln) to parent company Kerry Holdings. The company will also sell its Taiwan operations to the parent.

Kerry Logistics will become an asset-light company after the sale of its warehouses, said its group managing director William Ma.

Read more at: Reuters