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Pearl explains shares jump

In response to a request from the Hong Kong stock exchange, property firm Pearl Oriental Holdings yesterday attributed a seven-cent, or 32.56 per cent, increase in its share price on Tuesday to an announcement that controlling shareholder and chairman Wong Kwan had accumulated an additional stake of 2.78 per cent in the company. In an earlier announcement, the company said Mr Wong had bought the additional shares between last June and January, paying between 22.1 and 28.5 cents a share.

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