JSC OlainFarm appoints a new member of the Management Board of Latvijas aptieka

The Management Board of JSC Olainfarm decided to make changes in the Management Board of Latvijas aptieka Ltd. by appointing Marina Serpova, whose professional experience in business management and financial management will contribute to achieving the company's goals, as a Member of the Management Board. JSC OlainFarm is gradually improving the activities of its subsidiaries and is gradually moving towards the signing of the OlainFarm Group agreement.

The current members of the Management Board of Latvijas aptieka Ltd. will continue to perform their duties as usual with the new Management Board structure.

Marina Serpova has two degrees – technical and financial. She has 18 years of experience as a CFO, as well as in corporate and financial management in various sectors in Latvia and also abroad. Until now, Serpova has developed important skills in financial and accounting matters, team leadership and motivation. Serpova does not own any JSC OlainFarm shares.

"The goal of OlainFarm is to further strengthen the quality of our subsidiaries and move towards uniform management practices across the group. We are on the way to concluding a group agreement in order to ensure proper and joint management. Our goal is to guide the OlainFarm Group towards further sustainable development in line with modern risk management and our ambitious goals of becoming one of the TOP10 pharmaceutical companies. I highly value the OlainFarm Group's corporate team and I am convinced that the knowledge provided by a new team member is valuable for further successful development,” emphasizes Milana Belevica, member of the Management Board of JSC OlainFarm.

Last year 68 pharmacies were operating in 20 Latvian cities within the Latvijas aptieka Ltd. network of pharmacies owned by JSC OlainFarm. According to preliminary financial data during the entire 2019,  Latvijas aptieka sales amounted to EUR 26.1 million, demonstrating an 8% increase in comparison to 2018.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of the 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 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Additional information:  
Janis Dubrovskis
Investor Relations Advisor of JSC Olainfarm
Phone: +371 29178878
Email: janis.dubrovskis@olainfarm.com