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Humet North America to purchase 51% stake in company operating pharmacies

Humet North America, the US unit of Hungarian dietary-supplement maker Humet, has signed an agreement to purchase a 51% stake in an unnamed company that operates two profitable pharmacies in Budapest, Humet announced.

Humet said that its US unit would pay the unspecified purchase price for the majority stake in company with Humet shares.

The unidentified company generates yearly sales revenue of more than HUF 400 million.

Humet added that Humet North America is currently involved in talks regarding the acquisition of further companies that operate pharmacies. The aim for the group is to have more than HUF 1 billion annual revenues from the sale of drugs

The current acquisition would not affect already started acquisitions moves, the company said.

Humet also announced on Thursday that it would raise the company's registered capital by HUF 72 million through the issue of 12,000 ordinary shares.

Humet, which trades in the B-category of issuers at the Budapest Stock Exchange, will hold its AGM on April 30. The agenda includes the reduction of registered capital by HUF 404 million through cutting the nominal value of the shares and raise accordingly capital reserves. (MTI – Econews)