Latvian medicines manufacturer Olainfarm has plans to grow its base capital by nearly five million euros in order to ensure future development of its portfolio of products and exploration of the western export market, as reported by the company.
Once changes have been registered in the Enterprises Register, Olainfarm’s base capital will be 35 million euros.
The decision was made at a shareholders’ meeting.
The company explains that the increase of the capital will allow Olainfarm found new subsidiaries in multiple EU markets. Active registration of new products continues in those countries so that it is possible to provide new medicines to EU patients in accordance with local requirements and legislation. The company is also actively working on development opportunities in new export markets, such as US and Canada, as well as new products.
At the same time, it was decided at the shareholders’ meeting to appoint AB City board chairman Sergejs Korņijenko to the council of Olainfarm. He will be replacing Irina Maligina, completing the transition period after the change of majority shareholders.
Olainfarm council also includes Vadims Telica, Andrejs Leibovičs, Roberts Tavjevs, as well as Jānis Buks.
As previously reported, last year Olainfarm turnover was 120.248 million euros, which is 9.9% more than a year prior. Profits went up by 66.5%, reaching 21.161 million euros.
Also read: LTV: Latvian export to Russia remains stable despite sanctions
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Olainfarm to grow base capital by nearly five million euros
