Mango merges with subsidiary

Mango- MNG Holding has decided to take over its wholly-owned subsidiary Mango Online, dedicated to the company’s e-commerce operations, according to the Official Gazette.

The move was completed at the end of July as a measure to cuts costs, better consolidate resources and streamline the current organisational structure, allowing the creation of a more unified company.

All the assets and liabilities of Mango Mng, Mango MNG Capital y Kapit Admint will be transferred to Mango- MNG Holding, while the board of directors will remain with Isak Andic as president, Jonathan Andic and Daniel López as vice presidents and Carlos Costa and Toni Ruíz as advisors.

In 2015, Mango reported sales of 2.3 billion euros (nearly $2.4 million), representing a 15% increase on 2014. EBITDA was 170 million euros ($180 million).