Qatar's sovereign wealth fund has agreed to buy a HK$4.78 billion ($616 million) stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China, Lifestyle said on Monday.

A unit of Qatar will pay HK$14.75 ($1.90) per share for the 19.9 per cent stake, compared with Lifestyle's last traded price of HK$14.60 ($1.88), the statement added.

Bellshill Investment Co, a unit of Qatar Holding, is buying the shares from Lifestyle's dominant shareholder, Real Reward Ltd, which is equally controlled by a unit of Chow Tai Fook Jewellery Group and the family of Hong Kong businessman Thomas Lau.

Lifestyle International shares were halted in late September pending an announcement and trading will resume on Monday, the statement added. – Reuters