Wladyslawowo, north Poland-based listed fish processor Wilbo has decided to merge with its 100% subsidiary Dal-Pesca.
The merger will be carried through the transferring of all Gdynia, north Poland-based Dal-Pesca assets to its parent company, without increasing Wilbo capital or making changes in its articles of association.
The board of Wilbo voted to complete the merger at its meeting on 28 May, according to a company spokesperson. The deal should ease the process of company management and reduce costs.
Wilbo, which specialises in making fish preserves, reported a consolidated net profit of 1.4m Polish zloty (US$348,000) for the Q1 2002, compared to 2.3m zloty for the same period of 2001.