Kuka Investment and Management Co., Limited completed the acquisition of 13.6% in Nick Scali Limited from Scali Consolidated Proprietary Limited.
April 26, 2018
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Kuka Investment and Management Co., Limited signed an agreement to acquire 13.6% in Nick Scali Limited (ASX:NCK) from Scali Consolidated Proprietary Limited for AUD 77.3 million on March 27, 2018. As per terms, 11.04 million shares will be acquired at AYD 7 per share. The consideration will be paid by bank cheque or direct deposit of funds. A termination fee of AUD 2.3 million is payable by the seller, if the agreement breaches. The deal is conditional upon Kuka Investment and Management Co., Limited obtaining approvals from Chinese government agencies including Ministry of Commerce, National Department and Reform Commission and State Administration of Foreign Exchange. The deal will close in five days after all conditions are fulfilled. Will Health of King & Wood Mallesons acted as legal advisor for Kuka Investment and Management Co., Limited.
Kuka Investment and Management Co., Limited completed the acquisition of 13.6% in Nick Scali Limited (ASX:NCK) from Scali Consolidated Proprietary Limited on April 27, 2018.
Nick Scali Limited is a furniture retailer operating in Australia and New Zealand. The Company is engaged in the sourcing and retailing of household furniture and related accessories. Its sofas and armchairs collection include recliner sofa collections, leather sofa collections, fabric sofa collections, occasional armchairs, and others. Its living room collections include TV and entertainment units, coffee tables, side tables, console and hallway tables, and others. Its dining room collections include dining tables, dining chairs, and buffet tables and sideboards. Its bedroom collections include mattresses, bedframes, bedside tables, and dressers, among others. Its rugs and accessories collections include rugs and mirrors. It imports more than 5,000 containers of leather and fabric lounges as well as dining room and occasional furniture. The Company has stores located in New South Wales, Queensland, Victoria, Tasmania, South Australia, Western Australia, and others.
NICK SCALI LIMITED 
