Garment maker Luen Thai Holdings Ltd has bought 71 per cent of sweater company Partner Joy Group Ltd.

The final price of the acquisition depends on Partner Joy's audited and consolidated financial statements for the two years ended December 2006, but it is reported that it will total between $7.96 million and $20m.

Partner Joy is said to have been worth approximately $1.4m at the end of 2004.

Luen Thai Holdings, which is funding the deal through its internal resources, is currently focusing on the expansion of its apparel product categories through acquisitions and joint ventures.