Metropolitan Life pension fund is available for 5% of antibiotics

The administrator of Metropolitan Life announced that the mandatory private pension fund had reached a 5.18% holding in Antibiotice Iaşi at the end of last week, which means that Metropolitan bought shares in the drug manufacturer from Infinity Capital Investments, as reported by the Bucharest Stock Exchange (BVB).

At the end of September, the fund owned 0.47% of Antibiotice, a stake it had held for years, so it is reasonable to assume that the difference to 5.18% was acquired by Metropolitan on November 22, during the accelerated private placement through which Infinity sold 16% of Antibiotice.

The former SIF Oltenia sold the shares at a price of 2.65 lei per share, 20% below the reference in the "regular" market, which means that Metropolitan paid about 80.9 million lei for 4.71% of Antibiotice, excluding brokerage fees.

Romcarbon Buzău was another buyer of Antibiotice shares from Infinity, the plastic packaging manufacturer purchasing one million shares for 2.65 million lei. This year, the shares of the drug manufacturer have increased by about 90%.

For the first nine months of 2024, Antibiotice Iaşi recorded a turnover of 506 million lei, up 9% compared to the same period in 2023, and net profit reached 87.9 million lei, representing an increase of 15%. This is due to the expansion in international markets, where sales increased by 16%, and the increase in turnover in the domestic market by 5%, according to the company.

The Ministry of Health owns 53% of the drug manufacturer listed on the Bucharest Stock Exchange, whose stock market valuation amounts to about 1.8 billion lei.