Ekornes QM Holding AS was founded 4 January 2018 with the purpose of acquiring the Ekornes Group. In May 2018, an offer was made to purchase the shares of all Ekornes shareholders. The share purchase was completed in August 2018 and Ekornes AS was delisted from the Oslo Stock Exchange in October 2018.
Qumei Home Furnishings Group wholly owns the Ekornes Group through Ekornes Holding AS. Norwegian ultimate parent company Ekornes QM Holding AS is a wholly owned subsidiary of Qumei Home Furnishing Group. In July, Ekornes QM Holding AS acquired Huatai Securities’ ownership share of 9.5% in Ekornes Holding AS, thereby controlling all shares and voting rights in Ekornes Holding AS. The Ekornes Group is the only operational part of the Ekornes QM Holding Group. The Ekornes Group is consolidated from the acquisition date.
The consolidated financial statements comprise the financial statements of the parent company Ekornes QM Holding AS and its subsidiaries as of 30 September 2021. As of 30 September 2021, Ekornes QM Holding AS had 100% shareholding and voting rights in Ekornes Holding AS, who in its turn has a 100% ownership share and voting rights for all other consolidated companies. In October, the Board of Directors of Ekornes QM Holding AS and Ekornes Holding AS approved merging the two companies to simplify the group structure. The merger is expected to be completed in December 2021. Ekornes Holding AS will be dissolved as a result of the merger.