In order to finance recent purchases of pharmacies JSC Olainfarm has taken a loan of 4.2 million lats (6 million euros) from JSC SEB Banka. These funds were used to purchase 100% shares in companies „Ilmas Aptiekas”, „Inula Farma”, “Juko 99”, “Lege Artis Rīga” and “Veritas Farm”. A commercial pledge worth 6.32 million lats was taken by the bank in order to secure the said loan. JSC Olainfarm currently owns 30 pharmaceutical retail points of sale in Riga, its agglomeration, Vidzeme, Kurzeme and Latgale. Companies purchased by Olainfarm also own 3 licenses for pharmaceutical retail. JSC Olainfarm plans to manage 40 pharmacies all over Latvia before the middle of 2012.
In November JSC Olainfarm purchased 100% shares in SIA “Ilmas aptiekas” and SIA “Juko99”. These companies combined own 18 pharmaceutical points of sales in Riga, its agglomeration, Vidzeme and Kurzeme. In December JSC Olainfarm purchased four more companies thus adding 12 more pharmacies.
Intentions of JSC Olainfarm to create its chain of pharmacies were announced in May 2010. Plans of Olainfarm provide that total sales of pharmacies already purchased will reach 7 million lats (10 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.
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Member of the Board
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