Bulgarian manufacturer of plastic crates and battery boxes Akumplast said it will seek the consent of its shareholders to establish a subsidiary in Tunisia, in which it will hold a 76% stake.
The planned unit will be named Akumplast Industry and will have a registered capital of €500,000 ($545,753), with Akumplast investing €380,000, the company said in a bourse filing.
The establishment of the new unit is part of Akumplast’s plan to diversify risks and enter new markets amidst the changing global economic environment and rising inflation, it said. The company will also seek approval to provide a loan of some €228,000 to Akumplast Industry.
The proposals will be put to the vote at a general meeting of shareholders on May 12.
Akumplast, founded in 1985, specializes in manufacturing plastic battery boxes made from propylene, lids and accessories for lead-acid starter and traction batteries, along with plastic crates.
Shares in Akumplast last traded at 153.00 levs on the BaSe market of the Bulgarian Stock Exchange, bourse data show.
