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2005-5-4 11:08:00 a.m. HKT, XFNA
Hong Kong-listed Massive Resources drops bid for 70 pct of EC Link Pacific
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HONG KONG (XFN-ASIA) - Massive Resources International Corp Ltd said that
it has cancelled a preliminary agreement to acquire 70 pct of the issued
share capital of EC Link Pacific Ltd.
Massive Resources executive director Lau Kwok Hung said that various
conditions for the completion of the acquisition had not been met as of April
30, prompting the company to drop the agreement.
Among the conditions was for EC Link Pacific to deliver to Massive
Resources a legal opinion about the validity and legality of its operations,
including gaming and betting-related lending activities, in a form and
substance that is satisfactory to Massive Resources, said Lau.
Lau did not say how much Massive Resources was supposed to pay for the
proposed acquisition.
jun.concepcion@xfn.com
jc/jm
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