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Advanced Fiber Resources Unit to Buy 99.97% Stake in Optical Technology Company; Shares Slide 8%

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Advanced Fiber Resources (Zhuhai) (SHE:300620) subsidiary Zhuhai AFR Technology will purchase a 99.97% stake in Suzhou Agix Optical Technology for 1.64 billion yuan, according to a Thrusday after-market filing with the Shenzhen bourse.

AFR will pay the selling shareholders a combination of 491.9 million yuan in cash, 655.8 million yuan in newly-issued shares, and 491.8 million yuan in convertible bonds.

AFR will also seek to raise 800 million yuan in a private placement of 12.6 million to 35 investors.

Shares fell 8% during the midday break on Friday.

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