Luen Thai Holdings (HKG:0311) has agreed to acquire the entire issued share capital of Luen Thai Industrial Company Limited (LTIL) from Luen Thai Enterprises Limited at a consideration of RMB88.11 million.

The vendor is wholly owned by Helmsley Enterprises Limited, a company owned as to 70% by Tan Henry, an executive director and the CEO of Luen Thai Holdings.

LTIL directly holds the entire interest in each of Quanzhou Footwear, Wonderful Choice and Artapower. In turn, Artapower directly holds the entire interest in Macao Footwear. Quanzhou Footwear owns 50% equity interest in Hangzhou Lianhong, which is principally engaged in the development and manufacture of footwear. This target group is principally engaged in the development, manufacture, sale and trading of footwear.

Lun Thai Holdings's board believes that the acquisition can further enrich the group's product range on consumer products manufacturing and enhance the cross selling opportunities and enlarge its customer base.

Source:chinesestock.org