March 26 (SeeNews) - Croatian sugar factories Tvornica Secera Osijek, Viro and Sladorana, have received the green light from the country's competition authority to form a joint venture for sugar production and sale, the three companies said.
The go-ahead is based on the companies' agreement from December 28 that aims to consolidate the Croatian sugar industry and create a more efficient business entity, they said in a filing to the Zagreb Stock Exchange (ZSE).
The new company will operate under the name Hrvatska Industrija Secera (Croatian Sugar Industry). Tvornica Secera Osijek will hold a 40% stake in the new company, while Viro and Sladorana will own 60% shareholding interest among themselves.
The new company will start operations following approval from the founders' meeting scheduled for May 2.