KWS SAAT AG (FRA:KWS) EQS-Adhoc: KWS SAAT SE & Co. KGaA: KWS divests Chinese corn business to joint venture partner Kenfeng with significant positive effect on earnings
Transparency directive : regulatory news
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EQS-Ad-hoc: KWS SAAT SE & Co. KGaA / Key word(s): Disposal Publication of insider information in accordance with Article 17 of EU-Regulation 596/2014 KWS divests Chinese corn business to joint venture partner Kenfeng with significant positive effect on earnings KWS SAAT SE & Co. KGaA (ISIN DE0007074007) Einbeck (Germany), 31 October 2023 – The Management Board of KWS SE, the general partner of KWS SAAT SE & Co. KGaA, KWS SE, (‘Management Board’) decided today, with the approval of the Supervisory Board, to divest its 49% stake in the joint venture, KENFENG – KWS SEED CO., LTD, as well as the Chinese corn portfolio (including licenses) to the joint venture partner, Beidahuang Kenfeng Seed Co., Ltd. ("Kenfeng"), a member of the Beidahuang Group Co., Ltd. group ("Transaction"). The execution of the transaction is subject to the execution of purchase agreements, which are expected to be signed on November 18, 2023, subject to the approval of the relevant Chinese authorities and corporate bodies of the Beidahuang Group Co., Ltd. Group. The proceeds from the sale amount to a mid-double-digit million Euro amount. Details of the transaction and the exact amount of the purchase price were not disclosed. The Management Board expects the transaction to have a significant positive effect on operating profit and earnings after tax in the current financial year 2023/2024. The divestment of KWS's corn business in China is taking place primarily in light of changes in the regulatory environment. Upon completion of the transaction, KWS will reduce its business activities in China.
Head of Investor Relations Tel.: +49-30-209136-217 Mobil: +49-151-18855614 peter.vogt@kws.com KWS SAAT SE & Co. KGaA www.kws.de End of Inside Information
31-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | KWS SAAT SE & Co. KGaA |
| Grimsehlstraße 31 | |
| 37555 Einbeck | |
| Germany | |
| Phone: | +49 (0)5561 311-0 |
| Fax: | +49 (0)5561 311-322 |
| E-mail: | info@kws.com |
| Internet: | www.kws.de |
| ISIN: | DE0007074007 |
| WKN: | 707400 |
| Indices: | S-DAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1760947 |
| End of Announcement | EQS News Service |
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1760947 31-Oct-2023 CET/CEST