AFR acquires Jabil Technology (Wuhan) for USD 17m

Zhuhai-based Advanced Fiber Resources (AFR), stock code SZSE:300620, announced it will acquire 100% equity in Jabil Technology (Wuhan) Co., Ltd. from Jabil Circuit Investment (China) Co., Ltd. for a consideration of USD 17 million, plus or minus adjustments based on Jabil Technology (Wuhan)'s net cash position and certain transaction expenses at closing. The deal, approved by AFR's board, aims to enhance AFR's product offerings, customer base, and production scale within the optical module sector. The acquisition is subject to customary regulatory approvals. Jabil Technology (Wuhan) reported revenue of CNY 240.94 million and net profit of CNY 6.52 million for the year 2024. The transaction is expected to be funded from AFR's own capital.