Board of JSC “Grindeks” opinion on mandatory offer to repurchase shares in JSC “Grindeks”
In view of the fact that on 29 May 2019, in accordance with section 73(4) of the Financial Instruments Market Act, information about JSC “Grindeks” mandatory share repurchase offer expiring on 28 June 2019 was published in the official gazette “Latvijas Vestnesis,” the board of JSC “Grindeks” deems it necessary to inform its shareholders about future prospects of the “Grindeks” Group and to express an opinion on the mandatory share repurchase offer.
The “Grindeks” Group will now continue the dynamic development of its product portfolio, while at the same time continuing to penetrate strategically important development markets in European Union and South East Asia countries, as well as strengthening its market positions in Russia and other CIS countries. There are plans to expand the operations of JSC “Kalceks” and increase the sales of its pharmaceuticals.
The Group expected increase in turnover by at least 12% in 2019 (within five years the “Grindeks” Group could reach 300 million euro turnover), and investment in 2019 is estimated at 9 million euro. The Grindeks Group intends to optimise its current assets and cut costs on its non-strategic development projects, as well as in registering and promoting its products.
The board of JSC “Grindeks” announces that the mandatory share repurchase offer will not affect its view in paying dividends, and the overall development of the “Grindeks” Group currently indicates its ability to sustain consistent dividend levels in the future.
Board of JSC “Grindeks” opinion on share repurchase mandatory offer.
Assistant to Chairman of the Board, JSC “Grindeks”
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