Ljubljana, 16 November (STA) - Tovarna Olja Gea, the biggest producer of edible oils in Slovenia, will be delisted from the Ljubljana Stock Exchange after the majority shareholder squeezed out the remaining small shareholders on Friday.
Gea was acquired by the conglomerate Plasta in a takeover bid in which the company acquired about 95% of stock. The remaining shareholders were squeezed out at the takeover price of 5 euros per share.
This is the latest acquisition for Plasta, a company owned by one of the wealthiest Slovenians, Franc Frelih.
Plasta itself produces plastic packaging but it also owns soft drinks maker Dana and Plama Pur, a maker of polyurethane products.
Gea posted sales of EUR 25.7m for 2017 and a net profit of EUR 150,000. In the first half of 2018 sales dropped by a tenth year-on-year to EUR 11m, with net profit at just EUR 15,000.
The company was listed on the standard market of the Ljubljana Stock Exchange and generated only about EUR 200,000 in turnover in the last year.
The takeover values the company at EUR 6.3m.