(Yicai Global) Aug. 6 -- Chinese semiconductor materials firm Konfoong Materials International intends to acquire the entire stake of Soleras Advanced Coatings, a US sputter equipment and material targets company, to improve its chip business.

Konfoong plans to issue shares and in part, pay in cash to purchase Silverac Stella Cayman, the parent of Soleras and its subsidiaries, the Ningbo-based buyer said in a statement yesterday. Konfoong expects to release the bid price within 10 days. The buyer's stock [SHE: 300666] has been suspended at CNY38.27 (USD5.40) since yesterday.

In May, a Ningbo-based investment fund, in which Konfoong holds a 15.4 percent stake, purchased Silverac Stella for USD231 million. 

Founded in 2005, Konfoong sells materials for displays and solar panels in the US, Europe and Asia. 

Maine-headquartered Soleras was established in 1968 and it has offices in Belgium, Shanghai, and Taiwan. 

Editor: Emmi Laine