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CST Group raising HK$267.5M from sale of G-Resources stock

CST Group Ltd.'s Skytop Technology Ltd. unit sold 3,822,000,000 shares of G-Resources Group Ltd. at 7 Hong Kong cents each via cross trade to raise about HK$267.5 million in proceeds.

The shares, which represent approximately 14.13% of G-Resources' entire share capital, were sold to PX Capital Management Ltd.

CST Group said May 21 that the proceeds from the sale will be used for general working capital and for other investment opportunities.

In addition to the exploration, development and mining of copper and other minerals, the Hong Kong-listed company engages in property investment and money lending.