“Olainfarm” has purchased another 12 pharmacies in Latvia
In December AS “Olainfarm” has negotiated the purchase of four pharmacy retailer companies, thus acquiring 12 points of pharmaceuticals sales. As a result, currently the company has 30 pharmacies in their possession, located in Riga, agglomeration of Riga, Vidzeme, Kurzeme and Latgale. The pharmaceuticals retailers, purchased by AS “Olainfarm”, also have additional 3 pharmacy licenses. By the middle of next year AS “Olainfarm” is planning to manage 40 pharmacies.
“Experience shows that distribution of medicines in Latvia is particularly successful if you have a direct access to the customer. Our future plans include managing 40 points of pharmaceuticals sales by the middle of the next year. Lately, we have made some significant investments to come closer to this goal. Furthermore, we continue to look for and evaluate further network expansion opportunities,” announced Valerijs Maligins, Olainfarm’s Chairman of the Board.
In November, 100% of shares of SIA “Ilmas aptiekas” and SIA “Juko 99” were purchased by AS “Olainfarm”. These companies combined own 18 points of pharmaceutical sales in Riga, agglomeration of Riga, Vidzeme and Kurzeme.
As a direct owner of pharmacy chain, AS “Olainfarm” will be able to ensure that its products as well as the products of other producers will be available to customers at more friendly prices. Also, the top-level pharmaceutical care will be available to the chain clients, as acquired pharmacies employ many high-level experienced professionals. AS “Olainfarm” announced that no significant changes are planned either to the number or to the composition of the staff.
AS “Olainfarm” plans to establish a pharmacy chain have been announced as early as in May 2010. AS “Olainfarm” is expecting that the turnover of newly purchased pharmacies will reach 7 millions LVL (9.96 millions Euro) in 2011. AS Olainfarm is one of the biggest pharmaceutical companies in Latvia with nearly 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 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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