Estonia, Good for Business, Lithuania, Markets and Companies, Medicine, Retail

So far, Magnum has been selling animal pharmaceutical products in Lithuania.

Kadri Ulla, Magnum board member and CEO of the new company registered in Panevezys, northern Lithuania, says the Lithuanian entry is a logical step in Apotheka's expansion.

"As we already have pharmacies in Estonia and Latvia, it is logical to think further on expanding and moving on to Lithuania. We are thinking of opening pharmacies in bigger locations. As we are in a planning phase, I’m not able to give you any locations or opening dates yet," she told.

Figures from the State Medicines Control Agency show Apotheka Pharma has not received a pharmacy license yet.

The Magnum group, operating in the Baltic states and Finland, is the sole shareholder of Apotheka Pharma. Its wholesaler Magnum Veterinarija has been operating in Lithuania since 1994.

Linnamae also owns the Eesti Media media group which includes the BNS news agency and the 15min.lt news website in Lithuania.

It was reported earlier this week that Linnamae has established a new company, Media Investments & Holding, which now incorporates the online ad websites Allepal, Diginet and City24 in the Baltic states.