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Asia Resources
- BY: Andrew Hore |
- POSTED: 06/07/2007 |
- COMMENTS: Add yours
Cash shell Asia Resources is buying a Malaysian company that reprocesses scrap gold.
The company was set up to buy businesses involved in the gold industry. LSJ resells the gold it reprocesses from scrap as well as producing hand made jewellery. The business made net profits of £1.3m in the year to December 2006. The purchase of LSJ is an all share deal which will give the target’s former shareholders 73% of the enlarged group. Asia Resources raised £3.02m when it joined Aim last September. This meant that it was £20,000 over the £3m threshold set by Aim for cash shells coming to the junior market.
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