Extra Funds For Latvia's Olainfarm

Olmafarm, the strategic investor which has a controlling interest in theOlainfarm drugs producer in Latvia, is planning to invest a further 2 million lats ($3.3 million) in the pharmaceutical company this year, according to the Baltic News Service.

An Olainfarm official was reported as saying that the firm was developing far quicker than originally expected, and therefore needs new working capital and production technologies. A vote by the company's shareholders is expected to approve a move to raise Olainfarm's share capital from the current 3 million lats.

In the first half of 1997, Olainfarm recorded a net profit of 500,000 lats.