Emitents | Olainfarm, AS (213800WCG52W62ENOP27) |
Veids | Citi |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2014-08-11 14:49:25 |
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„SEB Banka” Issues 14 Million Euro Loan for Development of „Olainfarm”
Olaine, August 11, 2014
„SEB Banka” has issued a long term loan of 14 million euro to AS
„Olainfarm” to finance its capital expenditures targeted at
development of product portfolio, upgrading and expanding its
production capacities, increasing its export potential and entering
new export markets. A commercial pledge worth 21 million euro was
provided in favour of AS „SEB Banka” to secure the loan.
It is planned that proceeds are used to finance the project on „
Introduction of new products and increasing of export potential of
AS „Olainfarm””. Last year, to facilitate implementation of
this project, the government of Latvia decided on tax rebate for AS
„Olainfarm” worth 7 million euro. Upon completion of the
project AS „Olainfarm” plans to introduce new products, and to
significantly alter several production processes as well as to
increase production efficiency. In total over the next few
years AS „Olainfarm” plans to make CAPEX investments worth about 40
million euro.
„Support by the government and our long term financial partnership
with „SEB Banka” gives us a possibility to solve some of the issues
important for our further development, including upgrading of
production unit for nitrofuranes, new production unit for small
batches, increased laboratory and research capacities. Once
the project is implemented, we may create up to 80 new jobs,” says
Valerijs Maligins, Chairman of the Board of AS
„Olainfarm”.
Ainārs Ozols, President of „SEB Banka”: „We are grateful for an
opportunity to be a financial partner of „Olainfarm”, one of
leaders of Baltic pharmaceutical industry - „Olainfarm” and to help
them meet their development ambitions. „SEB Banka” and
„Olainfarm” have had several years of successful cooperation and we
are certain that company’s development strategy is well developed
and the company is capable of implementing large scale
projects. These investments will create significant
added value and will for a basis for further increase of
„Olainfarm’s” competitiveness.”
„Olainfarm” and „SEB Banka” have implemented several sizeable
cooperation projects in the past, including acquisition of chain of
pharmacies in 2012, when the loan of 6 million euros was used,
investments in „Olainfarm enerģija” in 2011, where the loan of 3
million euros was used, as well as credit line and other financial
services provided for the development of SIA
„Silvanols”.
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Olainfarm is one of the biggest pharmaceutical companies in Latvia
with more than 40 years of experience in production of medication
and chemical and pharmaceutical products. A basic principle of
company's operations is to produce reliable and effective top
quality products for Latvia and the rest of the world. Products
made by the Group are being exported to more than 35 countries of
the world, including the Baltics, Russia, other CIS, Europe, Asia,
North America and Australia.
Information prepared
by:
Salvis
Lapins
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“Olainfarm”
Member of the Management
Board
Rupnicu iela 5, Olaine,
Latvia, LV 2114
Phone: +371 6 7013
717
Fax: +371 6 7013
777
E-mail: slapinsh@olainfarm.lv
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