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Shandong Fiberglass to Set Up New Branch

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Shandong Fiberglass (SHA:605006) plans to establish a branch in Yiyuan, China, by leasing assets from a subsidiary, according to a Shanghai bourse filing on Saturday.

The fiberglass maker's shares jumped 3% at the close of Monday's trade.

The company plans to lease the precious metals processing workshop of its subsidiary, Zibo Zhuoyi Fiberglass Materials, to the proposed branch.

The assets include fixed assets, which contain 82 pieces of equipment with a net book value of 13.7 million yuan, and liabilities, which consist of four items with the same amount.

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