Skano Group
Formation of subsidiaries

Skano Group 

11.07.2013 15:16
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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
News Source: NASDAQ OMX



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Language:     English
Company:      Skano Group
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100092503
WKN:          
 
End of Announcement                             DGAP News-Service
 
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