March 16 (Reuters) - Ant Group is set to close its

HK$2.81 billion ($358.88 million) acquisition of a controlling

stake in Bright Smart Securities & Commodities by the

end of the month following the satisfaction of all conditions,

the companies said on Monday.

Founded by billionaire Jack Ma and controlled by China's

e-commerce giant Alibaba Group ( BABA ), Ant Group agreed to

buy a 50.55% stake in Bright Smart last year, marking its foray

into the brokerage business.

Under the deal, Bright Smart chairman Yip Mow Lum will

sell his 857.98 million shares in the brokerage at HK$3.28

apiece to Ant Group firm Wealthiness and Prosperity Holding.

Ant has completed the required reporting procedures and received

approval from the Securities and Futures Commission of Hong

Kong, the companies said, clearing the way for the deal.

The parties expect the acquisition to be completed on March

30.

About four months after the deal was first announced in April,

Ant Group had shrugged off reports of a likely delay due to

higher regulatory scrutiny, insisting that relevant procedures

were moving forward as planned.

Meanwhile, Bright Smart added that an application has been

made to Hong Kong's stock exchange to resume trading in its

shares on Tuesday, after the company requested a halt on Monday

ahead of the disclosure.

Shares of the firm have jumped more than three-fold since

the deal was first announced in April 2025.

The stock closed at HK$9.27 on Friday.

($1 = 7.8299 Hong Kong dollars)