Labiana, the pharmaceutical laboratory specialized in animal and human health listed on the BME Growth, announced this Wednesday that it will dilute its stake to 10% in its Serbian subsidiary Veterinaski Zavod Subotica to reduce its consolidated debt by 8.5 million euros and thus “strengthen its capital structure.”
The company has specified that the divestment occurs within the framework of a capital increase of three million euros, of which 2.5 million will correspond to the Serbian firm VTZ Investment and the other 500,000 euros to Labiana.
As a result of the expansion, the company has explained in a relevant fact sent to the National Securities Market Commission (CNMV), The percentages of participation in the capital of Zavod will become 90% for VTZ and 10% for Labiana.
Labiana will reduce its consolidated debt by 8.5 million euros
As a consequence of this transaction, Labiana will reduce its consolidated debt by 8.5 million euros, that is, 6.7 million of gross financial debt and 1.8 million euros of commercial debtregarding the audited data at the end of 2023.
In addition, as part of the agreement, a guarantee of 900,000 euros held by Labiana Life, the area responsible for the group’s animal health business, will be released through the Serbian subsidiary.
The company, which with this operation “strengthens its capital structure”, has stressed that it maintains at the same time its commitment to expanding its development and manufacturing capabilities for biological products, as well as its commercial link with Eastern Europe.
The CEO of Labiana, Manuel Ramos, has detailed that this agreement is part of the line of optimization actions that they are developing at the management and operational level to continue with their growth plan and advance in line with their project vision.
Labiana entered 58.5 million in 2023, which was 1% more than in 2022, according to the company’s latest accounts. Since its stock market debut on June 22, 2022, the company has accumulated a depreciation of 46%, bringing its share price to 2.66 euros. For its part, the market capitalization remained at 19.2 million euros.
