April 4 (SeeNews) - Guala Closures Bulgaria, part of Italy-headquartered non-refillable closures maker Guala Closures Group, said it plans to decrease capital by 4.2 million levs ($2.4 million/2.1 million euro) to 6.22 million levs in order to offset the negative effect of a recent merger.
Guala Closures Bulgaria absorbed its unit Guala Closures Tools last year.
Guala Closures Bulgaria's shareholders have approved the capital reduction at a meeting on March 22, according to the minutes of the meeting published on Wednesday.
Guala Closures International, part of Guala Closures Group, owns a 70% stake in the Bulgarian subsidiary, while TN Partners holds the remaining 30%.
Kazanlak-based Guala Closures Bulgaria generated revenue of 19.2 million levs in 2018 and ended the year with a net profit of 2.5 million levs.
(1 euro = 1.95583 levs)