Super Surplus International Holdings (02111-HK): Revising The Annual Cap Of The Surplus Textile And MAS Framework Agreement

02111-HK announced the announcement of the framework agreement between hyper Textile Holdings and joint venture partners on the sale of products to the MAS group. The agreement has been issued for three years from the date of completion of the joint stock company's MAS Capital (Private) Limited acquisition of the issued share capital of Trischel Fabric (Private) Limited51% of the joint venture company (i.e. August 1, 2018).

In view of the better sales of products to MAS group by the super surplus Textile Holding Group, the board of directors is pleased to announce that in December 31, 2019, a surplus agreement was set up between the super surplus textile holding company and its partners. The annual cap and the 2020 ceiling of 2019 were revised to 65 million US dollars (equivalent to about HK $507 million) and US $84 million (equivalent to about HK $655 million 200 thousand), and the 2021 annual cap was 55 million US dollars (equivalent to HK $429 million).

The main business activities of the MAS group are the manufacture and export of garments, while the partners are regional operations headquarters, with many Affiliated Companies engaging in garment and textile manufacturing and export.