Mar 02, 2010. /Lesprom Network/. Duropack AG, a 100% subsidiary of Constantia Packaging AG, has held 24.7% in the leading Croatian paper and corrugated board manufacturer Belisce d.d. Following the signing of a contract for the purchase of further shares, the 25%-threshold has been reached, so Duropack has to submit a takeover offer for 100% of the shares. This offer will be announced immediately after approval of the Croatian Takeover Commission, company company said in a statement received by Lesprom Network. Belisce is a leading company in paper and corrugated board in South Eastern Europe with 10 production sites in Slovenia, Croatia, Serbia and Macedonia. According to preliminary results 2009 the company achieved sales of Euro 132.7 million and a net income of Euro 0.3 million. In the course of the financial and economic crisis, also Belisce faced a marked reduction in earnings and share price, corresponding to that Constantia Packaging AG has written down its participation by Euro16 million last year. In view of the economic conditions in the region South Eastern Europe Duropack as largest single shareholder intends to propose a capital increase of up to Euro 20 million to Belisce in order to lower its gearing. Duropack in its responsibility as largest single shareholder will consequently fully participate in this capital increase.