Financial Services, Industry, Latvia

On Tuesday the regulator gave Liplat Holding permission to make a mandatory buyout bid for Grindex pharmaceutical company’s shares, FCMC spokeswoman Dace Jansone informed. The price has been set at EUR 12.59 per share.

The buyout price has been set in accordance with the provisions of the Financial Instrument Market Law and the administrative agreement the FCMC signed with Kirovs Lipmans and Filips Lipmans on April 10, 2019.

Liplat Holding, which belongs to Kirovs Lipmans, Anna Lipmane and Filips Lipmans, holds a 72.64% stake in Grindex.

As reported, once the buyout bid is published in the official gazette Latvijas Vestnesis, Grindex shareholders will have 30 days to accept the offer.

Kirovs Lipmans now holds 43.33%, Dashdirect Limited holds 34.95%, Anna Lipmane holds 21.67%, and Filips Lipmans holds 0.05% of Liplat Holding, which was registered on April 11, 2019. The company has a share capital of EUR 51,404,316.

As reported, the FCMC has imposed a fine of EUR 131,250 on the shareholders of Grindex, Kirovs Lipmans and Filips Lipmans, for a breach of the Law on the Financial Instruments Market and agreed with the shareholders on making a mandatory share buyout offer by the end of August this year.

It was also reported that Grindex Group posted EUR 145.477 mln in audited turnover for 2018, up 9.9 percent from 2017, while the group’s loss reached EUR 9.737 mln.

The Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia.

Grindex is quoted on the Main List of Nasdaq Riga stock exchange.