Top Bright (TPE:8499) approved the acquisition of a 70% stake in Suzhou Dwell New Materials, through its unit Longyoung Electronics, for 770 million yuan.

Shares jumped about 10% in recent trade on Friday.

The deal will be paid in two tranches and is expected to close by mid-September, according to a Thursday Taiwan Exchange filing.

The acquisition aims to strengthen Longyoung Electronics' R&D and market position in polymer materials.

The company will fund the deal from internal cash and bank loans, it said.