Warsaw (Puls Biznesu) – The Lithuanian investor decided to buy the whole stake of Jelfa pharmaceutical producer.
Sanitas, the Lithuanian pharmaceutical producer, demanded to be sold 322,765 shares of Jelfa, Poland’s leading medicine producer. The shares constitute 4.75 percent of the capital. This is the only stake not controlled by AB Invalda, the owner of Sanitas (85.25 percent of Jelfa) and Finasta (10 percent). The Lithuanians offer to pay PLN 93 for every share of Jelfa, the same price they paid in the last tender offer.
“This is a good price. The company has big capacity which have been used in half recently. It needs products”, Sylwia Jaskiewicz, CBM Pekao brokerage analyst said. In her opinion, the investor will have to spend time and money to revive Jelfa.
“The financial investors who controlled Jelfa before could not provide the company with new products. Sanitas can do it. The Lithuanians paid much for Jelfa but they expect to earn money”, she added.
Sanitas said before that it would withdraw the Polish company from the Warsaw Stock Exchange. Sanitas may in exchange be listed in Poland. The company is already present on the Vilnius Stock Exchange. The new investor wants to increase Jelfa’s operations and shift there production from its other plants.
(PLN 1 = EUR 0.255)