APAC Resources buys stake in Primary

APAC Resources Ltd, formerly known as Shanghai Merchants Holdings Ltd, has agreed to buy a 12.66 percent stake in China Primary Resources Holdings Ltd for HK$328 million (US$42 million).

The shares surged with the announcement, Bloomberg News reported.

The company said its unit Super Grand will make the acquisition in China Primary Resources, an Internet gaming company.

Super Grand agreed to pay Siberian World Wide Ltd HK$115.6 million for 4.46 percent of China Primary Resources, Asia Bright International Ltd HK$108.7 million for a 4.20 percent holding and First South International Ltd HK$103.5 million for a four percent stake, APAC Resources said. Siberian, Asia Bright and First South are all companies incorporated in the British Virgin Islands, APAC Resources told the Hong Kong stock exchange yesterday.

The equity purchase will be completed by the end of this year, it said. APAC Resources' shares jumped 18 percent to HK$1.35 in Hong Kong.