QU MEI HOME FURNISHINGS GROUP CO.,LTD Ekornes QM Holding AS today announces an increase in equity ofNOK 352 million following a deposit from sole shareholder Qumei Runto S.à.r.l. The equity deposit strengthens the company's financial position and is a part of the company's refinancing and capital structure optimisation. "We are very pleased to have dedicated owners who support us in fulfilling our ambitions and strategic priorities. The equity deposit improves our financial position in a challenging market environment and lays the foundation for our strategy of long-term profitable growth", says Fredrik Ødegård Nilsen, interim CEO inEkornes AS . The equity deposit is a result of a private placement by Qumei Runto S.à.r.l following a transaction between the ultimate parent companyQumei Home Furnishings Group and new minority owner Hillhouse Investments. After the transaction, Hillhouse Investments holds 5.88% of total shares outstanding. The share capital is increased byNOK 30 000 by increasing the par value of the Company's shares fromNOK 4 toNOK 5 . The share contribution isNOK 11 733.3333 per existing share, of whichNOK 30 000 is share capital andNOK 351 970 000 is premium. As announced24 February 2023 , Ekornes successfully placedNOK 1 200 million in 3.5-year bonds to refinance outstanding debt, and the equity issue is part of optimizing the capital structure. With an improved financial position combined with efficient production, strong brands and innovative product development, Ekornes is positioned to maintain its strong market position and deliver future profitable growth. For more information, please contact: Fredrik Ødegård Nilsen, CFO and interim CEOEkornes AS fon@ekornes.com Tel: +47 70 25 52 00 About Ekornes QM Holding GroupEkornes QM Holding AS was founded4 January 2018 with the purpose of acquiring theEkornes Group . InMay 2018 , an offer was made to purchase the shares of all Ekornes shareholders. The share purchase was completed inAugust 2018 and the Group was delisted from theOslo Stock Exchange inOctober 2018 . Norwegian ultimate parent companyEkornes QM Holding AS is a subsidiary ofQumei Home Furnishings Group .Qumei Group owns 94,12% of the shares in Qumei Runto S.à.r.l. and Hillhouse investment owns 5,88% of the shares in Qumei Runto S.à.r.l. Qumei Runto S.à.r.l. owns 100% of the shares inEkornes QM Holding AS .The Ekornes Group is the only operational part of theEkornes QM Holding Group . Ekornes is the largest furniture producer inNorway and owns the brand names Ekornes®, Stressless®, Svane® and IMG. Stressless® is one of the world's most well-known furniture brands. Production takes place at the Group's eight factories, five of which are inNorway , one in theUSA , one inThailand and one inLithuania . Ekornes sells its products over large parts of the world, either through its own sales companies or via importers.
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