Investments, Latvia, Markets and Companies, Medicine

According to the information from the Nasdaq Riga stock exchange, Olainfarm price, which was EUR 8.93 per share at the opening of trading at 10 a.m. on Monday, dropped 7.05% by noon to EUR 8.3.

Altogether 108 transactions with 25,503 Olainfarm shares worth EUR 25,853 were made on the stock exchange by noon today.

Olainfarm price fluctuated greatly during the two hour interval, slipping down 5% by 11 a.m. In another half an hour the price was already down 9.29% but then recovered somewhat and was 6.27% lower that at the opening of trading.

As reported, Maligins, 52, passed away this weekend. Maligins, who is the largest shareholder in Olainfarm became the chairman of the management board after the privatization of the company in 1997. Under his management, the company became one of the most valuable companies in Latvia reaching the level of EUR 100 million in revenues and selling its products to more than 50 countries, Olainfarm representatives said.

Maligins was ranked the seventh richest man in Latvia this year, with personal wealth estimated at around EUR 70 million.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.

The Olainfarm group reported a turnover of EUR 110.693 million for 2016, and the group's profit was EUR 11.586 million.

The company's supervisory council is likely to call an extraordinary meeting to decision on the further course of action regarding the management of Olainfarm.