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ZAGREB (Croatia), November 21 (SeeNews) - Croatia's financial regulator, Hanfa, said on Thursday it has approved a planned five-year bond issue of pharmaceuticals procucer Jadran Galenski Laboratorij (JGL) in the amount of up to 130 million kuna ($19.4 million/17.5 million euro).
JGL intends to sell bonds of 1.0 kuna in par value each bearing a fixed annual interest and repayable in two annual instalments, Hanfa said in a statement filed with the Zagreb Stock Exchange.
The company submitted the request for regulatory approval in September, Hanfa added.
In December 2015, JGL placed 200 million kuna worth of five-year bonds carrying a fixed interest of 5.8125%. The bonds were issued at a price of 99.839% of par.
The company turned to a consolidated net profit of 26 million kuna in the first half of 2019, from a 19 million kuna loss in the like period of 2018, as revenues rose faster than expenditures. JGL's largest markets in the January-June period were Ukraine, Bosnia, Belarus, Serbia and Russia.
Founded in 1991, JGL is one of the largest drug makers in Croatia, specialising in the production of sterile nose, eye and ear drop solutions.
(1 euro = 7.44021 kuna)