Luen Thai Holdings Ltd. has issued a supplemental announcement clarifying details regarding its Master Subcontracting Agreement. The announcement provides additional information on the internal pricing policy of the LTO Group and the procedures for determining service fees with the Shangtex HK Group. It also reveals that Shangtex HK is an indirect wholly-owned subsidiary of Shangtex Holding Co., Ltd., which is primarily owned by Orient International (Holding) Co., Ltd., ultimately controlled by the Shanghai State-owned Assets Supervision and Administration Commission. The clarification ensures that the subcontracting agreements are fair, reasonable, and align with market rates.
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