Financial Services, Industry, Latvia, Markets and Companies

Liplat Holding had offered to buy out 1,933,269 Grindex shares in total.

After the mandatory buyout, Liplat Holding will have 8,896,147, or 92.81% of Grindex shares. Until now, Liplat Holding’s stake in the pharmaceutical company was 72.64%.

As reported, in late May, Liplat Holding made a mandatory buyout bid, offering to pay EUR 12.59 per share to the minority shareholders.

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

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.

It has also been reported that 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% 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.