Mandarin Resources creates a 52-week High

Mandarin Resources Corp.(0070) bucked the general market downtrend, rising as much as 9% in the morning session.Mandarin declared it is unaware of the reasons for the price and volume surge except the acquisition of control of a GPS-based systems and services provider on Feb. 26. The company has agreed to pay HK$13mln, including HK$3mln cash and HK$13mln in shares at 80 HK cents each to acquire a 60% stake in M-Star Ltd.The acquisition of a global positioning system firm will help Mandarin expand into telecommunications, electronic and other technology fields.Mandarin resumed trading on Nov. 17, 2000 after a 14-year suspension.

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