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UPDATED 1PM: A 43-year-old man who was stabbed in Paeroa overnight is in a serious but stable condition in Waikato Hospital.

Police say the victim suffered a number of injuries, including a punctured lung, after he was repeatedly stabbed by a 28-year-old man following an argument shortly before 11pm.

Detective Sergeant Terri Wilson says the offender was located a short distance from where the stabbing took place and was arrested early this morning.

'I am very pleased that the man was apprehended without causing further harm to himself or anyone else.”

The arrested man has been assisting police with their enquiries and appeared in the Hamilton District Court this morning charged with wounds with intent to cause grievous bodily harm.

He has now been remanded in custody and is due to reappear on Tuesday.

EARLIER:

A man has been arrested following a stabbing incident in Paeroa overnight.

Police responded to reports of a 43-year-old man being stabbed during a fight at a Paeroa address shortly before 11pm.

'The victim was airlifted to hospital with serious injuries as result of a fight,” says a police spokesperson.

A 28-year-old man was arrested at the scene and is helping police with their enquires.

A sceneguard is still in place and the investigation is continuing.