KYIV. June 20 (Interfax-Ukraine) – Ukraine’s Antimonopoly Committee has permitted Man Wah Group Limited (British Virgin Islands) to buy shares in Home Group Ltd (Cayman Islands), the subsidiary of famous European homeware producer, which also includes Morgan Furniture LLC furniture factory (Rivne region).
The committee said that the acquisition of the shares will grant over 50% of the votes in the management body of Home Group to Man Wah Group.
According to Man Wah Group, in November 2016 the group signed a memorandum of understanding and later the shareholder agreement with HG International and Home Group.
Under the agreement, HG International is obliged to transfer 75% of shares in most companies in Poland, Baltic countries and Ukraine to the subsidiary of Home Group before December 31, 2016.
In turn, Man Wah Group obliges to buy 50% of Home Group.
The strategic alliance of the groups would allow ManWah to receive access to industrial assets and the sales chain of Home Group in Europe.
