Depa PLC (“Depa”), the leading global interior solutions group, reports that on 4 December 2019, Design Studio Group Ltd (“DSG”), Depa’s Asian key business unit, announced that on 29 November 2019 it entered into a loan agreement with Depa United Group PJSC, DSG’s controlling shareholder, for an unsecured loan of up to an aggregate amount of AED 20 million (approximately S$7.4 million) (“Loan”). The Loan is provided by Depa to DSG for working capital requirement to support its ongoing operations.
Additionally, on 5 December 2019, DSG announced the resignation of Mr. Edgar Ramani as Executive Director & Chief Executive Officer of DSG and the appointment of Mr. Steven James Salo as Interim Chief Executive Officer. Mr. Salo is currently the Group Chief Financial Officer of Depa and was appointed as a Non-Executive Director to the Board of DSG in April 2019. He has experience in both operational turnarounds and restructurings and will lead DSG on an interim basis until a permanent Chief Executive Officer is identified and appointed.
As part of the conditions to the Loan, DSG has appointed a Chief Restructuring Officer to assist in the development of a restructuring strategy alongside the Interim Chief Executive Officer.
DSG’s disclosure can be viewed by investors on DSG’s website and/or on SGXNET.
Tel: + 971 4 821 6666
Kevin Lewis, Group Chief Executive Officer
Steven Salo, Group Chief Financial Officer
For more information, please refer to the corporate website: www.depa.com
Notes to editors:
Depa is a strategic management company specialising in global interior solutions. Depa’s four key business units hold leading positions in their respective markets: DSG, Vedder, Depa Interiors and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.
Depa’s mission, shared by each of its key business units, is to deliver sustainability, profitability and performance for its clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.
Depa PLC is listed on the Nasdaq Dubai (DEPA: DU) and is headquartered in Dubai, United Arab Emirates.
This document may contain certain 'forward looking statements' with respect to Depa's financial condition, results of operations and business and certain of Depa's plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events, and depend on circumstances, which may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, whether made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update any such forward looking statements.