January 24 (SeeNews) - Bulgarian crop protection chemicals maker Agria said that it is seeking the approval of its shareholders to absorb its wholly-owned unit Unipest Control.
The purpose of the merger is to optimize the management of the two companies through pooling their resources, Agria said in a filing to the commercial register on Thursday.
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Agria shareholders will vote on the proposal at a meeting scheduled for February 28.
Agria generated consolidated sales of 107.6 million levs ($61 million/55 million euro) last year but closed 2018 with a net loss of 7.1 million levs.
Unipest Control posted revenue of 2.7 million levs and a net profit of 263,000 levs in 2018.
(1 euro = 1.95583 levs)