Pou Chen (TPE:9904) unit Pou Chien Enterprise will acquire up to 26,578,577 shares in San Fang Chemical Industry for an undisclosed sum, according to a Friday Taiwan Exchange filing.
Shares gained over 2% in Monday's late morning trading session.
The purchase aligns with Pou Chien's financial planning needs.
The acquisition will comply with securities regulations and required disclosures.
Further details will be announced as the transaction proceeds, the footwear manufacturer said.
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