ALNO AG gains another investor from China

DGAP-News: ALNO AG / Key word(s): Corporate Action

2015-11-18 / 15:46


ALNO gains another investor from China

- ALNO AG issues a convertible bond to Shun Hing Ltd., Hong Kong

- Moreover, Shun Hing purchases 2.7% of the existing share capital off-market

- Shun Hing will in future hold up to 9.1% of the share capital in case the convertible bond is converted in full

- ALNO AG receives about EUR 5.7 million from the convertible bond

- International growth strategy confirmed

Pfullendorf, 18 November 2015 - ALNO AG has gained Shun Hing Electric Works & Engineering Company Ltd., Hong Kong China, ("Shun Hing") as another investor. Today, Shun Hing is committed by signing an investment agreement to subscribe a convertible bond with the nominal value of EUR 5.7 million. Shun Hing informed ALNO that at the same time, Shun Hing has purchased 2 million shares off-market, and thereby holds 2.7 percent of the share capital of ALNO AG. Consequently, if the convertible bond is converted into shares in full, Shun Hing will in future hold 9.1 percent of the share capital of ALNO AG. Shun Hing and ALNO have already been working together successfully for more than two years. Shun Hing sells ALNO products exclusively in Hong Kong and Macao, where it manages an ALNO flagship store.

"We are proud that Shun Hing is a further long-term business partner from China which has decided to become another core investor in ALNO AG. This demonstrates the high level of confidence that our Chinese partners have for us and in the ALNO Group," says the CEO of ALNO AG Max Müller, with pleasure.

"Our partnership with Shun Hing will not only provide us with outstanding access to the project business, but also to retailers in Hong Kong and Macao in particular. This offers us clear strategic benefits, and is without doubt something unique in the German kitchen industry."

According to David Mong, Chairman and CEO of Shun Hing, "this investment is a building block in our strategy to launch high-quality products for highly developed real estate markets in Hong Kong and Macao. This chimes with the strategic focus adopted by ALNO of continuing to expand its global business. The synergistic effects of the skill sets provided by each partner will enhance our partnership further, and will ensure long-term commercial success."

If the convertible bond is converted in full, Shun Hing will hold 9.1 percent of the shares in the kitchen manufacturer, making it the second largest shareholder after Whirlpool Corporation. Earlier this year in March, a Chinese partner called the Nature Home Holding Company took a 9.09 percent stake in ALNO AG.

ALNO AG receives about EUR 5.7 million from the share issue

The share issue provides ALNO AG with liquid funds amounting to about EUR 5.7 million in total. The funds will be used primarily for pushing ahead with the reorientation and international growth strategy of the ALNO Group. The objective is to improve the operating result of the company in the long term.

Successful cooperation since 2013

Shun Hing Group is a Hong Kong-based conglomerate employing more than 1,800 employees. Since the group was founded in 1953, it has established its business and enjoyed sustained success in marketing domestic appliances, audio-visual products, telecommunications systems, business equipment and office furniture, engineering and design, electrical appliance servicing, logistics, advertising productions, system installations and maintenance, property investments and management, fitness and beauty products as well as kitchen furniture. The Group sells world-famous brands such as Panasonic or products from Teka Küchentechnik and Küppersbusch.

ALNO and Shun Hing have been working together successfully since May 2013. The Shun Hing sells ALNO products exclusively in Hong Kong and Macao, and has also opened an ALNO flagship store there offering a holistic kitchen solution to customers.

International growth strategy still on course for success

For the ALNO Group, this is another important step in implementing its international growth strategy. At the same time, the company is thus expanding its presence in China significantly. Back in November 2012, the company became one of the first German kitchen manufacturers to establish a joint venture in China. This was followed in 2013 by a second joint venture with Nature. Today, ALNO is one of the most important German kitchen suppliers for the second largest economy in the world.


About ALNO AG:
ALNO AG is one of Germany's leading kitchen manufacturers, with a staff of around 2,100 employees. From its six international production sites the corporation provides a full range of kitchens to both the German and international markets. In addition to the core ALNO brand the ALNO Group also owns the brands Wellmann, Pino as well as Piatti and Forster Schweizer Stahlküchen or ALNOINOX. The ALNO Group operates in more than 64 countries worldwide with over 6,000 sales partners. In financial year 2014, the company recorded sales revenue of EUR 546 million. Around 52 per cent of this revenue was generated abroad.

Jürgen Schulze-Ferebee

Head of Corporate Communications & Investor Relations

ALNO AG Heiligenbergerstraße 47
88630 Pfullendorf, Germany
Tel.: +49 / 75 52 / 21 - 33 16
Fax: +49 / 75 52 / 21 - 77 3316


Legal note:
This press release may contain certain forward-looking statements that are based on current assumptions and prognoses made by the corporate management of ALNO AG or its affiliated companies. Various known and unknown risks and uncertainties as well as other factors may lead to significant deviations in the actual results, financial position, development or performance of ALNO AG and its affiliated companies from the opinions and estimates provided here. Neither ALNO AG nor its affiliated companies are under any obligation to update such forward-looking statements or to revise them in light of future events or developments.

2015-11-18 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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