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Sinocera Functional Material Applies 600 Million Yuan for SDI Acquisition; Shares Up 8%

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Shandong Sinocera Functional Material (SHE:300285) agreed for its subsidiary, InnoXvest, to apply for loans of up to 600 million yuan to fully acquire SDI (ASX:SDI), according to a Shenzhen bourse filing on Monday.

The Chinese novel materials producer's shares jumped 8% during Tuesday's afternoon trade.

The floating-rate loan has a term of 60 months and will be paid quarterly.

The company will provide guarantees of the same amount for the loan, as well as 100 million yuan for the hedging margin credit.

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