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2009-1-22 10:20:00 a.m. HKT, XFNA
DJ Hong Kong Resources To Buy 3D-Gold Shares For HK$430 Mln
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| HONG KONG (Dow Jones)--Hong Kong Resources Holdings Co. (2882.HK), formerly known as Ocean Grand Chemicals Holdings Ltd., said Thursday it agreed to acquire shares in 3D-Gold Jewellery Holdings Ltd. (0870.HK) for HK$430 million.
The company didn't specify how many shares it will acquire in 3D-Gold, which is under liquidation.
Hong Kong Resources, which trades gold salt and electroplating chemicals in Hong Kong, said it will acquire the shares though its unit China Gold Silver Group Co.
In October, 3D-Gold said it had missed an interest payment on its US$170 million bond and it was seeking investors to buy its businesses or restructure its debts. The Hong Kong High Court appointed Deloitte Touche Tohmatsu as the company's provisional liquidator.
Hong Kong Resources said the deal needs approval from shareholders and Hong Kong's High Court.
Shares in Hong Kong Resources will resume trading at 0130 GMT Thursday. The stock was suspended Dec. 23 pending the annoucement. -By Lorraine Luk, Dow Jones Newswires; 852-2802-7002; lorraine.luk@dowjones.com
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