BRIEF-CITIC Resources says directors propose share premium reduction

March 31 (Reuters) - Citic Resources Holdings Ltd

* directors propose share premium reduction as they consider

it unnecessary to maintain share premium account at its current

level.

* Board intends to put a proposal to shareholders at annual

general meeting to reduce share premium of company

* it is proposed that an amount of hk$9.70 billion standing

to credit of share premium account be reduced and cancelled

* implementation of share premium reduction will not, in

itself, have any material adverse effect on underlying assets,

liabilities, business operations

* proposed that remaining balance of hk$500 million of

credit arising from share premium reduction be transferred to

contributed surplus account

* proposed that hk$9.20 billion of of credit arising from

share premium reduction be applied towards offsetting entire

amount of accumulated losses of co

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