Yizheng Chemical Fiber Instrument announced the acquisition of the rights and interests of 50% chemical fiber

Yizheng Chemical Fiber (01033) announced the acquisition of Fiber Instrument of 50% interests, the cost of nine million U.S. dollars (70.2 million yuan). Upon completion, Yizheng Chemical Fiber in the instrument of equity holdings from 50% to 100%.

Miriam fiber of the main business for the differentiation of polyester filament and related products production, processing, polyester textile products research, development, self-produced products, sales and after-sales service. Miriam fiber of a registered capital of 60 million U.S. dollars, in 2007 in addition to tax and non-recurring gains and losses after a loss of 48.22 million yuan. As of September 30, 2008 only 9 months, the loss widened to 176.5 million yuan.

Yizheng means, because Miriam of fiber, since its inception has been a loss, joint venture partner offered to quit the joint venture company, for these reasons, to ensure that the instrument of chemical fiber production and operation continued, so the acquisition of remaining stake.