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Labiana divests its Serbian subsidiary through a capital increase agreement
- It is a 3 million euro increase for the subsidiary Veterinaski Zavod Subotica, diluting the Labiana group’s holding to 10%.
- The capital increase has been subscribed mainly by VTZ INVESTMENT CO DOO BEOGRAD, subsidiary of one of the main business groups in Serbia.
- This agreement represents a reduction in the group’s consolidated debt with regard to the 2023 year-end figures of €8.5 million euros.
Madrid, 26 June 2024 – Labiana, the pharmaceutical laboratory specialised in animal and human health listed in BME Growth, has announced the signing of a capital increase agreement of 3 million euros with VTZ INVESTMENT CO DOO BEOGRAD for the company Veterinaski Zavod Subotica, company dedicated to the manufacturing, research and development, marketing, storage and packaging of animal pharmaceutical products located in Serbia and part of the Labiana group since 2019.
Through this capital increase agreement, Labiana with a contribution of half a million euros will dilute its holding to 10% and will no longer consolidate the company Veterinaski Zavod Subotica, while VTZ INVESTMENT CO DOO BEOGRAD, subsidiary of one of the main business groups in the country, will contribute 2.5 million euros, reaching a holding in the Serbian company of 90%.
As a result of this transaction, Labiana Health, with respect to the data audited at 2023 year-end, will reduce its consolidated debt by 8.5 million euros, specifically, 6.7 million of gross financial debt and 1.8 million euros of commercial debt, and also, as part of the agreement, a guarantee of 900,000 euros held by Labiana Life, area responsible for the group’s animal health business, will be released through the Serbian subsidiary.
Thanks to this transaction, the Labiana group strengthens its capital structure while at the same time maintaining its strategic commitment to expanding its development and manufacturing capabilities for biological products and its commercial ties with Eastern Europe.
According to Manuel Ramos, CEO of Labiana, “this agreement is part of the line of optimisation actions that we are implementing in Labiana at a management and operational level to continue with our growth plan and move forward in line with our project vision, which we believe is being rewarded in the market”.
About Labiana
About Labiana
Labiana Health is a leading, independent and integrated international laboratory in animal and human health with a diversified portfolio of products and businesses and a wide portfolio of prime customers who are united by a long-term relationship of trust. It has subsidiaries in Spain, Serbia, Turkey, Mexico and production centres distributed between Spain and Serbia. The products manufactured by Labiana are found in more than 150 markets, with its own product registrations in more than 90 countries. The group has two different but complementary business lines: contract manufacturing, both veterinary and human, with which it provides income stability and visibility; and the development, manufacturing and marketing of products for both animal and human health, which promote growth. The company joined BME Growth in June 2022, thus becoming the first veterinary company to enter the BME Growth Market in Spain.
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