SELENA FM S.A. RB 31/2016 - 22.12.2016
Conclusion of a significant agreement
Pursuant to § 8(3) of the Individual Reporting Standard (ISR) of 3 July 2016, which is designed to align the information policy of Selena FM S.A. with the new legal provisions laid down in Regulation No 596/2014 of the European Parliament and of the Council (EU) of 16 April 2014 (MAR), the Management Board of Selena FM S.A. (the Company) advises that today it has received from its Chinese subsidiary Selena Nantong Building Materials Co.Ltd information that on 21 December 2016 the subsidiary entered into a framework agreement with Shanghai Haozheng Construction Engineering Co. Ltd (Partner, jointly Parties), a Chinese entity active in the market of polyurethane foams and other construction chemicals. The framework agreement provides for cooperation between the Parties, defines the key business terms of the cooperation and sets out the next steps to be taken by the Parties to finalise individual contracts referred to in the framework agreement. The Parties are expected to start the cooperation early in February 2017.
As part of the agreement, the Parties will create a new joint venture in which Selena Nantong Building Materials Co Ltd will take up 40% of the shares while its Partner Haozheng Construction Engineering Co. Ltd. will have a 60% stake. The purpose of the new company will be to distribute and sell in China foams, silicones and mounting adhesives. The products will be sold under Tytan and Hauser brands as well as under Chinese brands owned by Selena Group and its Partner, in accordance with licence agreements. Next, the new company will seek to introduce in the Chinese market innovative construction chemicals based on Selena Group's product portfolio. The Parties aim to reach sales of at least CNY 60 million (PLN 36.46 million according to average NBP rate of 22.12.2016; 1 CNY = 0.6076 PLN) over 1-2 years.
Selena Nantong Building Materials Co. Ltd remains a fully owned subsidiary of Selena FM S.A. It will provide manufacturing service to the joint venture and will be in charge of direct sales of products to selected clients on market terms.
The purpose of the framework agreement is to give impetus to development of Selena Group in the Chinese market.
Legal basis: Article 17 MAR
Selena FM SA published this content on 05 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 January 2017 18:57:08 UTC.
Original documenthttp://www.selena.com/upload/iblock/2f1/2f1de1c9ad4920c3a90bb4c49650c0ce.PDF
Public permalinkhttp://www.publicnow.com/view/F3ABE4E4FD42079F28105A1DD2002A4484580E30
