Mail govt has a 10% free-carry interest into the operation, so...

Mail govt has a 10% free-carry interest into the operation, so it's 45:45:10 (LLL : GanFeng : Mail Govt)

And also, Mail govt is allowed to purchase another 10% of ownership at fair market value (so -5 from both LLL and GanFeng)

Either way, if Mail govt chooses to do so, they will still need to pay for it (my best guess is as the form of tax credit), instead of getting for free.

That's why you see the conservative 40% ownership in the calculation - but if we deduct the 5% now without any confirmation, we also need to add back the additional tax credit in calculation (assume that's how they pay for it).