August 29 (SeeNews) - Slovenian document printing company Cetis (LJSE:CETG) said it will transform its packaging and graphic design subsidiary EGP into a limited liability company from a joint stock company.
The decision was approved at EGP's shareholders' meeting held on August 27, at which Cetis voted as the sole shareholder, Cetis said in a statement on Wednesday.
Cetis' 100% ownership of EGP worth 1.164 million euro ($1.29 million) is now distributed into 34,884 shares. After the change, it will transform into a stake of the same value representing 100% business interest.
Cetis' shares closed unchanged at 90 euro on Wednesday. The shares of EGP are not listed on the Ljubljana bourse.
Cetis first entered the shareholding structure of EGP in December 2014 when it acquired 44.12% of all EGP issued shares under an options contract with publisher Gorenjski Tisk and investment consultancy MSIN (part of which is Cetis). The deal gave Cetis the right to buy all of the remaining EGP shares by the end of June 2018.
The acquisition has been is in line with Cetis' medium-term strategy to focus on the security of commercial print via offering solutions and systems for prevention of counterfeiting and protection of products. EGP produces packaging for food, pharmaceutical and chemical industries.
Cetis is active in security and commercial printing, including the printing of ID documents, lottery tickets and cards as well as in packaging and labels. It is part of MSIN Group which employs more than 1,200 people in its companies.
($=0.902547 euro)