ROY Ceramics SE: Further payments by White Horse

ROY Ceramics SE: Further payments by White Horse

Hungen, 13 July 2017 Since publication of the quarterly release for 31.03.2017, White Horse has made a further partial payment in the amount of USD 10 million to ROY Ceramics SE until 30.06.2017.

ROY Ceramics SE sold its operating subsidiary to White Horse Holdings Limited in 2015, and initially deferred the sales price. Of the total sales price of USD 80 million, White Horse has now paid USD 20 million, including the now-received payment. White Horse again assured ROY Ceramics SE that it would settle the remaining owed purchase price after real property tax and fees, and including interest of USD 52 million. The payment in partial amounts is due to the existence of controls on capital movements of amounts in USD denominations for payments from the People’s Republic of China. Following intensive consultation with White Horse regarding the amounts still owed to ROY Ceramics SE, ROY Ceramics SE continues to assume that White Horse will fulfill its obligation in full. ROY Ceramics SE still expects to receive monthly partial payments from White Horse until the debt is settled. For the continued course of the envisaged relocation of production to Houston, Texas, ROY Ceramics SE does not see any negative effects from the settlement via continued future partial payments, and continues to hold to the goal of completing the new manufacturing plant in Houston, Texas in about two years.

About ROY Ceramics SE

Until the sale of the operative subsidiary of the Group in China to White Horse, ROY Ceramics SE produced a complete range of sanitary and bathroom furnishings for use in mid- to high-priced

premises. ROY Ceramics SE delivered high-quality and aesthetically appealing sanitary products within the People’s Republic of China. After receipt of the payments by White Horse, ROY Ceramics SE aims to again become a leading provider of bathroom solutions for the Chinese and international markets with its ultramodern ceramics plant that will be built in Houston, Texas.

For further information please contact us at:

ROY Ceramics SE

Gießener Str. 42

35410 Hungen

Tel.: 49 (0)69 710455155


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