Oboya signs broad cooperation agreement
Oboya Horticulture Industries AB (publ) has signed a broad strategic cooperation agreement with HCH Ventures, RRS and Sino-Italy Investments Co Ltd in Qingdao, China.
The cooperation agreement covers distribution of Oboya's agriculture products to an estimated 100,000 different locations in China via Haier Group's RRS distribution channels, distribution of home garden products via Haier Group´s RRS extensive distribution network across China which including online sales channels, as well as offer about Oboya's facility management services related to the cultivation sector.
The agreement is strategically important for Oboya Horticulture, which aims to grow significantly over the next few years. The collaboration is expected to create long-term relationships with Haier Group and Tus Holdings which is already second largest shareholder of Oboya Horticulture Industries AB. With this agreement, Oboya Horticulture takes a major step in the Chinese market for the cultivation industry as well as in the consumer market which access to a few hundred thousand rural and urban distribution outlets.
The agreement with Haier Group allows the company to accelerate the growth in the Chinese market and develop sales to major growers, garden centers and retail chains. In China, a major change is taking place in the cultivation sector, and Oboya strives to take a holistic approach to the market through our extensive product range and service offering.
About Haier Group
Haier Group is the world largest multinational consumer Electronics Company headquartered in Qingdao, Shandong Province, China. Haier Group is a worldwide group and turnover for 2017 amounted to CNY 247 billion. More information about Haier Group is available at http://www.haier.net/en/.
Erik Penser Bank is Oboyas Certified Adviser at Nasdaq First North.
For any inquiry regarding this press release, kindly contact:
Robert Wu, Chairman of Oboya Horticulture Industries AB (publ)
Phone: + 46 (0)735 63 09 35
This information is insider information that Oboya Horticulture Industries AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09.00 on May 4 th, 2018.