Indirectly controlled by Visvaldas Matijošaitis and Liudas Skieras, Plungė egg producer „Baltic Egg Production“ is reducing its share capital from EUR 53.98 million to EUR 16.7 million to cover losses of more than EUR 37 million.

The capital is being reduced by a decision of shareholder „Groward Group“, the company has informed the Registrar of Companies. 

„The purpose of the reduction of the company's authorised capital – is solely to eliminate the losses recorded in the company's balance sheet“, – the shareholder's resolution of „Baltic Egg Production“ of 11 November stated. 

„Baltic Egg Production“'s retained loss at the beginning of 2023 amounted to EUR 7.37 million. Last year, the merger of the related egg grading company „Europe eggs“ with the addition of the egg grading company „Europe eggs“, also resulted in a loss of €32.9 million. 

„Baltic Egg Production“'s authorised capital was increased to €50.6 million last December.

„Baltic Egg Production“ made a net profit of EUR 2.9 million last year (previous year: loss of EUR 158,000), with revenue growing 10-fold to EUR 34 million (EUR 3.4 million).

According to the data of the Centre of Registers, 100% of „Baltic Egg Production“ is owned by „Groward Group“, a company belonging to „GG Holding“ group. Its beneficiaries are V. Matijošaitis (50% of shares) and L. Skierus (50%).

„Baltic Egg Production“ employs 85 people.