Yue Yuen and Luen Thai jointly announced that Yue Yuen plans to become a strategic shareholder of Luen Thai by acquiring the new shares to be issued in Luen Thais Global Offering exercise. Upon completion of the share acquisition and the Global offering, Yue Yuen will hold approximately 9.9% of the enlarged issue share capital of Luen Thai.
The price of the investment is subject to the issue price of Luen Thais new shares. The share
acquisition will further strengthen the partnership between the two companies and establish
a solid base for both parties to jointly tap into the global arena.
Prior to the share acquisition, Yue Yuen and Luen Thai have formed the joint venture, Yuen
Thai Industrial Co. Ltd (“Yuen Thai”), to explore the promising sports apparel market. The
strategic investment further demonstrated Yue Yuens dedication to this business market, as
well as its full confidence and commitment in establishing an amicable and long-term
partnership with Luen Thai.
Commenting on its investment, Mr. Edward Ku, Executive Director of Yue Yuen, said, “We are
delighted to further solidify our relationship with Luen Thai, one of the key participants as an
apparel supply chain services provider in the global apparel market. The strategic investment,
together with the setting up of Yuen Thai, marks an important milestone of our collaboration
with Luen Thai. With its apparel supply chain expertise, Luen Thai is our ideal business
partner in further enhancing our product portfolio and excelling in the international apparel
market.”
Mr. Henry Tan, CEO of Luen Thai, concluded, “We are most honored to collaborate with the
worlds largest branded footwear manufacturer, Yue Yuen. Capitalizing on the strong support
and the extensive business network of Yue Yuen, Luen Thai is aiming to extend its sports and
active wear business. Luen Thai looks forward to cultivating our long-term relationship with
Yue Yuen and exerting tremendous effort in achieving our shared mission of becoming the global market leader.
