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Latvia's Verems plywood company to reduce share capital by EUR 3 mln
BC, Riga, 17.03.2016.
Print version
Print versionVerems, a plywood-producing subsidiary of Latvia's largest wood-processing company Latvijas Finieris (Latvian Veneer), operating in Rezekne Special Economic Zone, plans to reduce its share capital by EUR 3.002 million, reports LETA, according to an announcement published in the Latvijas Vestnesis official gazette.
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The company's shareholders on March 8 decided to reduce the current share capital worth EUR 13,267,610 by EUR 3,002,108 to EUR 10,265,502 that will be made up of 1,443 shares with a face value of 7,114.
Creditors may present their demands in a month.
Verems in 2014 posted EUR 25.441 million in sales compared to EUR 24.879 million a year ago, while its profit reached EUR 3.223 million, up from EUR 2.757 million in 2013, according to Firmas.lv business database.
The company said that in 2015 the turnover might have risen by 10 percent to over EUR 28 million.
Verems is fully owned by Latvijas Finieris and in 2014 employed 331 people on average.
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