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2003-5-5 12:13:00 p.m. HKT, XFNA
HK's Asia Resources to increase stake in Value Brilliant
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HONG KONG (AFX-ASIA) - Asia Resources Holdings Ltd (899.HK) has entered
into an agreement to buy a 41 pct stake in Value Brilliant, increasing its
stake to 92 pct from its current 51 pct, the company said in a statement.
Asia Resources will pay 84 mln hkd in cash, to be financed through the
issue of 900,000 new shares, to Value Brilliant directors Fu Bo and Joyce Lai
Sze Wai who hold 32.67 pct and 16.33 pct, respectively, in the company.
Value Brilliant's principal asset is a 95 pct equity interest in Siping
Ju Neng Medicine Industry Co Ltd, a Jilin province-based manufacturer of
intravenous fluids.
The deal represents a connected transaction because Fu and Lai together
hold 3.5 pct of Asia Resources, the company said.
Asia Resources acquired the majority stake in Value Brilliant in June
last year.
At 11.55 am, the company's shares were unchanged at 0.222
hkd.
david.wilder@afxasia.com
dw/tv/skb
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