Home » World » Two Olainfarm shareholders’ meetings have been convened – Branches – Financenet

Two Olainfarm shareholders’ meetings have been convened – Branches – Financenet

At the regular meeting of Olainfarm shareholders, at the suggestion of shareholder Nika Saveļjeva, it is planned to decide on the restriction of the powers of several members of the Management Board, as well as on the replacement of the Company’s Supervisory Board, although potential candidates are not mentioned.

Saveljeva calls for changes to Olainfarm’s articles of association, stipulating that the chairman of the company’s board represents the company separately, while other board members have the right to represent the company together with at least two other board members. Currently, the company’s board has seven board members, of whom both the chairman of the board Jerūnas Veitsas and the board members Milana Beļevičs, Elena Bušberga and Zane Kotāne have the right to represent the company separately, according to “Firmas.lv” data.

Mārtiņš Pūriņs, Raimonds Terentjevs and Baldere-Sildedze, who have the right to represent the company together with two other members of the Board, also currently serve on the Board.

It is also planned to decide on the replacement of the company’s council at the shareholders’ meeting, although potential candidates for council members have not been mentioned. This issue is also included in the agenda of the meeting at the suggestion of Olafarm shareholder Savelyev. She represents 7.79% of the share capital of Olainfarm and has made this request using the rights of Section 274, Paragraph two of the Commercial Law.

At the suggestion of Saveljeva, it will also be decided to conduct an internal audit of Olainfarm and to recall the audit committee and elect a new audit committee.

At the request of the Estonian Olfim, on the same issues – the replacement of the Supervisory Board and the Audit Committee – it is planned to decide on September 22 at 3 pm at the extraordinary shareholders’ meeting of the company.

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.

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 equally owned by the heirs of Valery Maligina – Irina Maligina, Anna Emilia Maligina and Nika Saveljeva. Olainfarm shares are listed on the official list of Nasdaq Riga.

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