GERMANY – Alno AG, one of the largest global kitchen furniture manufacturer, has gained Shun Hing Electric Works &Engineering Company Ltd., Hong Kong China, (“Shun Hing”) as another investor. 

Shun Hing is committed by signing an investment agreement to subscribe a convertible bond with the nominal value of EUR 5.7 million. Shun Hing informed ALNO that at the same time, Shun Hing has purchased 2 million shares off-market, and thereby holds 2.7 percent of the share capital of ALNO AG. Consequently, if the convertible bond is converted into shares in full, Shun Hing will in future hold 9.1 percent of the share capital of ALNO AG. Shun Hing and ALNO have already been working together successfully for more than two years. Shun Hing sells ALNO products exclusively in Hong Kong and Macao, where it manages an ALNO flagship store.

“Our partnership with Shun Hing will not only provide us with outstanding access to the project business, but also to retailers in Hong Kong and Macao in particular. This offers us clear strategic benefits, and is without doubt something unique in the German kitchen industry”, commented CEO of ALNO AG Max Müller.