June 6 (SeeNews) - Bulgarian steel manufacturer Stomana Industry said that it is planning to absorb its wholly-owned subsidiary Prosal Tubes.
Stomana Industry's capital will not be increased as a result of the merger and will remain at 66.9 million levs ($38.5 million/34.2 million euro), it said in a commercial register filing last week.
Stomana Industry, a unit of Belgium's Viohalco, generated revenue of 748 million levs in 2017 and closed the year with a net profit of 14.6 million levs, according to its most recent
Earlier this year, another local unit of Viohalco - Etem Bulgaria, separated part of its activities into two new subsidiaries - Etem Automotive Bulgaria and Etem Aluminium Extrusions.
Subsequently, Spain-based Gestamp North Europe Services acquired a 49% stake in Etem Gestamp Aluminium Extrusions and a 51% stake in Gestamp Etem Automotive Bulgaria, by increasing the registered capital of the two companies.
Viohalco is listed on Euronext Brussels and the Athens Stock Exchange. Its subsidiaries specialise in the manufacture of aluminium, copper, cables, steel and steel pipes products. With production facilities in Greece, Bulgaria, Romania, Russia, Australia, North Macedonia, Turkey, the United Kingdom and the Netherlands, Viohalco companies collectively generate annual revenue of 3.7 billion euro.
(1 euro = 1.95583 levs)