Biofarm Bucharest to Increase Share Capital by 43.15 Mln RON

Drug maker Biofarm Bucharest plans to increase its share capital by 43.15 million RON (13.28 million EUR) to 101.83 million RON, through in-kind and cash contributions, according to a report to the Bucharest Stock Exchange.

Shareholders in Biofarm will convene on September 19th to discuss the capital increase. If approved, the company will issue a maximum of 431.55 million shares with a face value of 0.10 RON, equal to the proposed subscription price.

Biofarm Bucharest posted a net profit of 4.91 million RON (1.77 milliopn EUR) in the second quarter of the year, recording a 39,7% increase from Q2/06, while turnover dropped 10.86% to 13.04 million RON (4.16 million EUR). In the second quarter of 2006, the company reported a net profit of 3.5 million RON and a 14.6 million RON turnover.

Biofarm"s net profit rose by 21.19% in the first half of 2007, amounting to 9.15 million RON (6.11 million EUR), as compared with 7.55 million RON in the same period last year. Turnover amounted to 29.53 million RON (9.42 million EUR), up 1.3% from 29.14 million RON in H1/06.

The company has a share capital of 58.68 million RON, divided into 586.8 million shares with a face value of 0.10 RON. The significant shareholders in Biofarm are SIF5 Oltenia (14.33%), SIF 2 Moldova (10.78%), SIF 1 Banat Crisana (10%), Dumitru Tudor, Elena Rada Constantinescu and Bogdan Andrei Tudor (8.42%) and Julius Baer International Equity Fund (5.14%). The company is listed on Tier 1 of the Bucharest Stock Exchange as BIO and has a market capitalisation of 451.9 million RON (139 million EUR).