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Hong Kong - The state-owned Chinatex Corp, Hong Kong?s largest cotton trader, has bought a major stake in knitted fabric manufacturer Fountain Set, according to local press reports.

The report in the Hong Kong Standard says that Fountain Set, which operates one of the largest bank of Fukuhara circular knitting machines in the world and also uses a range of Stoll flat knitting machines for the production of trimmings, is selling 409 million new shares totalling HK$511.3 million to - a 33% premium to its closing price on Tuesday.

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