The Czech Republic glass operation Moravia Glass Kyjov recorded a loss of Kc 34 million in 1996, according to information provided at the recent general meeting which decided that neither dividends no…
The Czech Republic glass operation Moravia Glass Kyjov recorded a loss of Kc 34 million in 1996, according to information provided at the recent general meeting which decided that neither dividends nor bonuses would be paid. The meeting decided that the loss will be fully covered from the reserve fund. The company said the loss was chiefly due to the sale of the former subsidiary Moravia Usobrno, as well as the sale of stakes in other companies. Shareholders attending the general meeting approved changes on the company“s boards, and altered the articles of association, deciding on moving the company“s headquarters to Brno, where the majority owner, Union Holding, is based. In the course of last year, Moravia Glass implemented the contract concluded with the Swiss Vetropack Holding Aktiengesellschaft on the joint venture, Vetropack Moravia Glass (VMG) Kyjov. Moravia Glass last year sold 5,000 VMG shares for Kc 50 million, and its stake in VMG dropped to 9.375%.