Inapa bets on German company Papyrus Deutschland
The Portuguese company has purchased OptiGroup AB's subsidiary, Papyrus Deutschland, which is dedicated to distributing paper in the printing and business sectors in Germany.
Inapa has decided to buy the German company Papyrus Deutschland, a subsidiary of OptiGroup AB, responsible for the distribution of paper in the printing and business sectors in Germany.
The Portuguese company has announced to CMVM that there is a binding agreement between both companies – however, this transaction is still subject to approval from the German competition authority.
Inapa announced it will issue convertible bonds to cover part of the transaction. “The convertible bonds amount to 23% of Inapal’s total assets and voting rights at the moment of issuance, and in case they are directly converted”, the company stated.
“Inapa wats to merge Papyrus Deutschland’s business with its German subsidiary, Papier Union, which had, respectively, a turnover of €561m and €389m, in 2017”, the Portuguese company noted.
The business transaction will be concluded in December 2018, according to Inapa.
In September this year, Inapa had announced that the company’s profits had fallen by 80%, reaching €100 thousand, in comparison to last years’ €500 thousand earnings. “Thanks to some efficiency measures we have put in traction, our operational costs have been reduced by €3.2m, which allowed the company to close this semester with a positive net profit of €100 thousand” the company had announced on the 28th of September.