On September 22, the shareholders of the pharmaceutical company AS Olainfarm will decide on the payment of 4,507,225 euros in dividends from the accumulated profit not distributed until 31 December 2017, according to the company’s announcement to the Nasdaq Riga Stock Exchange on the draft resolution of the shareholders meeting.
It is planned that 32 cents will be paid for each share.
In its turn, Olainfarm’s profit of 2019 in the amount of 22.239 million euros is planned to be left undistributed and directed to the company’s development.
The shareholders’ meeting also plans to take note of the reports of the Board and the Council on the results of operations in 2019, as well as to approve the consolidated annual report of Olainfarm for 2019 with a profit of 22.239 million euros.
As reported, the shareholders at the meeting will consider the possibility of filing a lawsuit against the former board for several million losses to the company. An audit conducted by Olainfarm revealed that the previous Olainfarm officials had concluded a transaction on behalf of the company with Banestar Management Limited, a company registered in Cyprus, as a result of which Olainfarm had suffered losses in the amount of several million euros. The suspicious transactions were performed from January 2, 2017 to April 4, 2019. Olainfarm was reported to the State Police.
Olainfarm does not disclose which former board members are against.
The audited turnover of the Olainfarm Group in 2019 was 137.219 million euros, which is 10.4% more than a year earlier, but the Group’s profit increased 2.2 times and amounted to 23.628 million euros. At the same time, Olainfarm’s turnover last year was 104.363 million euros, which is an increase of 12.2% compared to 2018, but the company’s profit increased 2.5 times and reached 22.239 million euros.
In the first half of this year, the Olainfarm Group had a turnover of 66.369 million euros, which is 0.1% less than in the first half of 2019, while the group’s profit was 10.017 million euros, which is 18% less than in the first half of 2019. , the company said in a statement to Nasdaq Riga.
Olainfarm manufactures finished dosage forms, pharmaceuticals and food supplements, as well as chemicals and active pharmaceutical ingredients. The largest shareholder of Olainfarm is Olmafarm (42.56%), which is owned in equal shares by the heirs of Valery Maligin – Irina Maligina, Anna Emilia Maligina and Nika Saveljeva. Olainfarm shares are listed on the official list of Nasdaq Riga.
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