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“In accordance with the received listing application, Nasdaq Riga has started the procedure for AS Madara Cosmetics share trading on the Alternative Market First North,” the statement says.

The Nasdaq Riga board will announce its resolutions on listing Madara Cosmetics shares as soon as they are made, the stock exchange said.

The Financial and Capital Market Commission (FCMC) has authorized Madara Cosmetics to make an initial public offering for up to 530,442 dematerialized voting bearer shares, FCMC spokeswoman Agnese Licite told LETA.

She said that the face value of one share has been set at EUR 0.1.

As reported, Madara Cosmetics plans to list its shares on the stock exchange in order to raise funds for the company’s continued development, with the focus on expansion to foreign markets.

It was also reported that sales of Latvia’s Madara Cosmetics company in the first six months of this year rose by 37.9% to EUR 3.59 million, while the company’s pre-tax profit in the first six months of this year rose 2.5 times against the respective period last year to EUR 810,000.

Altogether, four companies have already listed their shares on First North: Latvia’s Baltic Telekom, Lithuania’s East West Agro and K2 LT, as well as Estonia’s Linda Nektar.

Founded in 2006, Madara Cosmetics has several shareholders, mostly Latvian individuals.