PEN's Board of Directors decides to recommend the Annual General Meeting on May 22, 2019 to decide on a directed issue to TUS holding affiliated enterprise
TUS holding affiliated enterprises board in China has decided to proceed with the issue in PEN Concept Group AB according to the previously signed letter of intent. The Board of Directors of PEN Concept Group AB will recommend the Annual General Meeting on May 22 to make a decision to carry out a directed issue to TUS holding affiliated enterprise in accordance with market conditions.
The issue is planned to be completed no later than last May 2019. In the event of a subscription, TUS holding affiliated enterprise will apply for an exemption from mandatory bid.
TUS holding affiliated enterprise will issue a loan to Pen Concept Group AB of CNY 5 million, approximately SEK 7 million before the end of April 2019. This loan will be offset in the coming issue.
For any inquiry regarding this press release, kindly contact:
Robert Wu, styrelseordförande, PEN Concept Group AB
Telefon: +46735-630 935, +86 159 6983 5999
Magnus Hjorth, CEO, PEN Concept Group AB
Phone: +46 706 335 106
This information is insider information that PEN Concept Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication trough the agency of the contact person set out above, on April 3, 2019.
PEN Concept Group in brief
PEN Concept Group AB, headquartered in Jönköping, Sweden, is a turnkey supplier of interior products and solutions for shops, exhibitions, events, restaurants and showrooms. The group coordinates all required resources to offer customers both standard and customized interior solutions, including large scale productions. The Swedish operations is channelled through the subsidiaries PEN Interiör AB, PEN Shop Concept AB and Goods Sweden AB. The group also has a production and distribution facility, Qingdao Oboya Shop Concept Co., Ltd. in China.
The PEN brand represents solid know-how and experience in design, engineering, production and installation services for exhibitions, restaurants and retail customers. The GOODS brand covers a turnkey product range for restaurant businesses, including kitchen machinery, furniture and utensils.