May 4 (SeeNews) - Bulgarian organic foods producer Smart Organic [BUL:SO] said on Thursday that its board of directors adopted a decision enabling the company to absorb local subsidiary Biopack, in line with an agreement that the parties signed in March.
The merger of packaging firm Biopack into Smart Organic will not require a capital increase of the parent company nor a change in its articles of association, Smart Organic said in a bourse filing.
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The absorption is due to be entered in the commercial register.
Smart Organic acquired Plovdiv-based biodegradable packaging supplier Biopack for 218,000 levs ($123,006/111,460 euro) in July last year, so as to expand its portfolio in the hospitality and food service sector.
(1 euro = 1.95583 levs)