Formation of subsidiaries Pärnu, 2013-07-11 15:16

Pärnu, 2013-07-11 15:16 CEST (GLOBE NEWSWIRE) -- Skano Group AS established two subsidiaries – Skano Fibreboard OÜ and Skano Furniture Factory OÜ

In accordance with the restructuring plan adopted by the supervisory board on 10 July, Skano Group AS established two subsidiaries – Skano Fibreboard OÜ and Skano Furniture Factory OÜ. Skano Group AS is the sole shareholder of both subsidiaries. The management board members of both subsidiaries are Andres Kivistik, Gert Kuus and Martin Kalle – the same persons form the current management board of Skano Group AS.

Pursuant to the restructuring plan, Skano Group AS intends to transfer the production of fibreboard and furniture to the newly established subsidiaries. In order to carry out the transfer of the businesses, Skano Group AS will, pursuant to the resolution of the supervisory board, convene a special general meeting of the shareholders on 13 August 2013. Skano Group AS will shortly inform the shareholders about the summoning of the meeting.

The above-mentioned transactions do not directly impact the economic activities of the group of companies of Skano Group AS. The members of management and supervisory board of Skano Group AS are not personally interested in the transaction in any other manner.

         Martin Kalle          CFO          +372 4478 331          martin.kalle@skano.com          www.skano.com