Baltic Export, Good for Business, Latvia, Legislation, Markets and Companies, Medicine, Mergers and take-overs

She said only that the company’s business was to help people improve their health.

The agreement about purchase of 100 shares in the company will be signed on May 12 in Liepaja, south-western Latvia, and the company’s name will be announced then. A trip to the company in question will be arranged for the press, which will be informed about the terms of the deal, the company’s business line and Olainfarm’s plans for business development, Lapsina said.

Salvis Lapins, a board member of Olainfarm, said previously that the pharmaceutical group was about to buy another company but would not specify its line of business. He said only that it was not a pharmaceutical company but its business was related to the pharmaceutical industry.

As reported, the Olainfarm group posted EUR 15.3 million in net profit for 2015, according to the group's audited consolidated profit and loss statement. This represents an increase by 25  % compared to the net profit of 2014 and by 8  % compared to the net profit of 2012, when the previous profit record of EUR 14.2 million was set. The parent company's net profit in 2015 was EUR 14.6 million, which is an increase by 28  % compared to the net profit of 2014.

Sales of the Olainfarm group in 2015 reached EUR 97.4 million, up 4  % compared to 2014 sales of EUR 93.7 million euros and the highest sales ever reached by Olainfarm group so far. Sales of the parent company in 2015 were EUR 84.7 million, also up 4  % from 2014 when its sales amounted to EUR 81.6 million and a new record-high for the parent company as well.

Olainfarm shares are quoted on the Main list of Nasdaq Riga stock exchange. The company's largest shareholder is its board chairman, Valerijs Maligins.