June 24 -- China Fiberglass (600176), a maker of fiberglass products, won the approval of the China Securities Regulatory Commission to purchase a 49 percent stake in Jushi Group through a private placement of 154 million shares, reports 163.com.

The shares will be offered at 19.03 yuan per share. The listed company will fully own Jushi Group after the purchase.

At present, Jushi Group contributes more than 90 percent of China Fiberglass’s net profit.

Changjiang Securities raised its earnings per share estimate of China Fiberglass to 1.77 yuan in 2011 and 2.67 yuan next year. The brokerage maintained its Recommend rating on the company.