Hungen, July 13, 2017 – Since the publication of the quarterly statement as of March 31, 2017, a further partial amount of USD 10 million was paid by White Horse to ROY Ceramics SE by June 30, 2017.
Roy Ceramics SE had sold its operating subsidiary to White Horse Holdings Limited in 2015 and initially deferred the purchase price. Of the total purchase price of USD 80 million, White Horse has since paid USD 20 million, including the payment now received. White Horse has again assured ROY Ceramics SE that it will pay the remaining purchase price owed, after property tax and fees and including interest, of USD 52 million. The payment in installments is due to the circumstance of capital controls of USD denominated amounts for payments from the People’s Republic of China. After intensive consultation with White Horse regarding the amounts still owed to ROY Ceramics SE, ROY Ceramics SE continues to assume that White Horse will meet its obligation in full. ROY Ceramics SE expects to continue to receive monthly installments from White Horse until the debt is paid. ROY Ceramics SE does not foresee any negative impact on the further progress of the planned relocation of production to Houston/Texas due to the settlement in further future partial payments and continues to adhere to the goal of having the new production plant in Houston/Texas completed in approximately two years.
About ROY Ceramics SE
Until the sale of the Group’s operating subsidiaries
in China to White Horse, ROY Ceramics SE produced a full range of sanitaryware and bathroom fixtures for use in mid- to high-priced premises. ROY Ceramics SE supplied high quality and aesthetically pleasing sanitary ware within the People’s Republic of China. After receiving payments from White Horse, ROY Ceramics SE aims to once again become a leading supplier of bathroom solutions to the Chinese and international markets with its state-of-the-art ceramic plant to be built in Houston, Texas.
For more information, please contact:
ROY Ceramics SE
Giessener Str. 42
Phone: +49 (0)69 710455155
Or visit: www.roykeramik.de