OREANDA-NEWS. AS "OlainFarm" has acquired 23.37% more shares in Latvian pharmaceutical company SIA "Silvanols", therefore "OlainFarm" now holds controlling interest in "Silvanols". Before that AS "OlainFarm" already owned 47.51% of the company's shares.

Olaine 04.06.2013, 2013-06-05 08:31 CEST (GLOBE NEWSWIRE) -- "Acquisition of "Silvanols" is one of the ways for "OlainFarm" to further consolidate its positions and expand the production of medications. We see a good opportunity to increase the speed of growth by merging expertise, experience and export potential of the two companies and by creating and developing joint projects," says Salvis Lapins, a member of AS "OlainFarm" board.

AS "OlainFarm" currently owns 70.88% of the company's shares, "Silvanols" co-owner Ieva Leimane - 15.41%, Agris Auce - 10.39%, and Sandra Ivanova - 3.31% of SIA "Silvanols" shares.

Sales of SIA „Silvanols” in 2012 were 1.993 million lats and the company made a net profit of 136 thousand lats.

Consolidated profit and loss statement of AS "OlainFarm" for 2012 shows that the concern has set yet another profit record as it has made a net profit of 9.75 million lats (13.88 milion euro). This represents an increase by 41% compared to 2011, when profit of AS "OlainFarm" was 6.91 million lats (9.84 million euro).