Grigeo Tissue, a 100% owned subsidiary of Grigeo AB, has now become the legal entity responsible for the tissue paper business. On April 30, 2024, the Company transferred its tissue paper business to Grigeo Tissue in exchange for an increase in its authorized capital and payment for newly issued shares. This transfer essentially moved all assets, rights, and obligations related to the tissue paper business to Grigeo Tissue, making it an independent economic unit within the company.
The transfer of the tissue paper business to Grigeo Tissue involved several steps. Firstly, the Company increased its authorized capital by paying for newly issued shares. Secondly, these shares were issued to Grigeo Tissue in exchange for the transfer of the tissue paper business. Finally, once the Articles of Association of Grigeo Tissue are registered with the Register of Legal Entities of the Republic of Lithuania and the authorized capital is increased, the Company will acquire newly issued shares of Grigeo Tissue. This exchange will formalize the transfer of the tissue paper business from the Company to its subsidiary.
Tomas Jozonis, CEO of Grigeo AB can be contacted for more information at +370 5 243 58 01.