Altogether Grindeks pulled in close to €10m in profits, but the shareholders left intact the remaining €986,053 for the company’s development.
The board of the company had previously recommended that all the earnings be invested toward making the drugs-manufacturer more competitive, however largest shareholder Kirovs Lipmans, whose family together with his wife and son control slightly more than 50% of the firm, submitted a counter-proposal to pay out €1.04 per share in dividends.
The dividends are scheduled to be assessed on March 3, 2015 and paid out the following week.
Lipmans and his next of kin have appealed to the Administrative Court a Financial and Capital Markets Commission (FKTK) fine and order to offer for sale their excess shares to fellow owners in the company.
Kirovs Lipmans owns 33.29% share in Grindeks, while his wife Anna controls 16.69%, AB.LV Private Equity fund 2010 owns 11.38%, SEB Bank with 10.22% and Swedbank Client Account with 8.71%. Kirovs’ son Filip also owns a 0.04% share, thus tipping the balance in favor of the family’s majority, said the FKTK.
The pharma concern turned over €63m in the first nine months of this year, down 21.5% from the same period last year according to unaudited statements submitted to Nasdaq Riga.
During this period the company exported its products to 57 world nations to the tune of €59.7m, also mirroring a drop of 21.5%.