Slovak-Korean joint venture Matador-DongWong, s.r.o. Dubnica nad Vahom is going to cut its share capital by SKK 79.500 to SKK 213.7 million. The general shareholder meeting held on March 14 decided on the step. Company's financial director Peter Veteska explained that the firm is reducing its share capital in order to bring it into line with the Slovak legislation. According to the Slovak law share capital has to be divisible by 1,000. The company also invited its creditors to come forward with their claims towards the company within 90 days of the second notice.
The company Matador-DongWong was set up in March 2005. Matador Automotive Vrable controls 65 percent while the rest is in the hands of the south Korean company DongWong Metal. Investment costs achieved EUR 10 million.
The company produces car door structures. It is one of the direct suppliers of the new Hyundai/Kia car assembly plant near Zilina.
According to preliminary results sales of the Matador group achieved SKK 16.861 billion last year. Preliminary pretax profit was SKK 953 million.
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