During February of this year JSC Olainfarm agreed with JSC SEB Banka to increase its loan by 6.6 million euros to 12 million euros. It is planned that proceeds from the loan are used to purchase pharmacies and other companies related to pharmaceutical business. The loan will be due on May, 2015.
“In order to keep the momentum and maintain the long term growth of the company, we will continue with expansion of chain of Latvijas Aptiekas. We are considering the purchase of five new pharmacies which will bring the total number of our pharmacies close to 50 all over Latvia,” says Salvis Lapins, Member of the Board of JSC Olainfarm.
Because of the increase in loan, several new commercial pledge and mortgage loans were signed. According to them the maximum combined amount of secured claim is slightly above 13 million lats. Just as with previous amount of loan, shares in daughter companies of JSC Olainfarm, real estate and other property is pledged.
Consolidated profit and loss account of JSC Olainfarm for operations of 2012 shows that the company has achieved new record profit of 9.75 million lats (13.88 million euros), which is an increase by 41% compared to 2011, when profit of JSC Olainfarm was 6.91 million lats (9.84 million euros).
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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