Bulgaria's Sopharma Plans To Buy 51% of Latvian Medical Goods Distributor Briz for 2.25 Mln Euro

Sopharma plans to become a shareholder by taking part in Briz's planned capital hike to 4.2 million euro from the current 2.1 million euro, Sopharma said in a statement.

After the increase, the capital of the Latvian company will be divided into 8,817 shares.

Sopharma said it will subscribe the 4,497 shares that Briz will issue at a price of 500 euro each.

Sopharma (www.sopharma.bg) exports to 28 countries with Russia and other former Soviet republics as its main markets abroad. The company has said it will aim to expand its presence in Russia, Ukraine and Poland, and enter new markets such as the U.S., the Caucasus countries and countries in central and eastern Europe.

Briz (www.briz.lv), set up in 1991, operates as a drug and medical goods distributor in Latvia, Lithuania, Estonia, Belarus and Russia; it offers registration services for medicaments, biologically active additives, perfumery and cosmetics in Latvia, Lithuania, Estonia, Belarus, Poland and Bulgaria, and logistics services in Latvia, Lithuania, Estonia and Belarus.

Shares of Sopharma closed 1.25% higher at 4.15 levs ($3.1/2.1 euro) in a volume of 9,368 shares on the Sofia bourse on Tuesday. The statement was released after the end of trade.

(1 euro=1.95583 Bulgarian levs)