Viva Wine Group scales down presence in China
Viva Wine Group AB ("Viva Wine Group" or "the Company") sells 81 percent of the shares in Viva Global AB ("Viva China"), to Vin och Vind AB ("Vin och Vind"), a company that is closely related to Viva Wine Group. The value of the transaction is less than 1 percent of Viva Wine Group market value and will be completed on June 1, 2022.
Viva Wine Group reduces its ownership in Viva China by selling 81 percent of the shares to Vin och Vind AB, a company owned by Björn Wittmark, a senior executive and a major shareholder of Viva Wine Group. Sales of Viva China amounted to SEK 7 million with EBIT SEK -1 million in Q1 2022 and are reported as part of the business segment Other. The transaction is settled in cash at a value determined through valuation by a third party. Viva Wine Group retains 19 percent of the shares after the divestment. The transaction will be completed on 1 June 2022.
The deal is part of Viva Wine Group's strategy to focus on its core business with a focus on growth in the Nordic monopoly markets and in the European e-commerce for wine.
Certified Adviser
FNCA Sweden AB, +46(0)8-528 00 399, info@fnca.se, is the Company's Certified Adviser on Nasdaq First North Premier Growth Market.
For further information, please contact:
Mikael Sundström, Director Sustainability, Communications & Investor Relations
Mobile: +46 70 943 22 26
Email: mikael.sundstrom@vivagroup.se
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