Hu An Cable Holdings says Yeung Wai Wing, a non-executive board member and substantial shareholder of the company, has been approached through his wholly-owned British Virgin Islands company, Goka Limited, by SEAVI Advent to acquire about 5% of the company’s issued shares which Goka currently owns.

SEAVI Advent is the Asian affiliate of Advent International Corporation, a global private equity investment group that has raised more than US$26 billion ($33.7 billion) in cumulative capital and invested in over 500 companies in 39 countries. Since 1984, SEAVI Advent has participated in the growth of many successful Asian companies, including Venture Corporation and Yangzijiang Shipbuilding (Holdings).

Yeung also informed the company that the terms of the sale are still being negotiated between the parties and there is no assurance that a sale will be concluded.