OREANDA-NEWS. JSC “Grindeks” announces it has received the statement of the company’s Member of the Board Sergejs Batalins on his resignation from the position of Member of the Board starting from 12th of October, 2015.

In the Board of JSC “Grindeks” in accordance with the resolution of the Supervisory Council of JSC “Grindeks” has been elected Ibraim Muhtsi  who was the Chairman of the Board of a subsidiary of JSC “Grindeks” – JSC “Tallinn Pharmaceutical Plant” – until now. Previously, Muhtsi had also worked at JSC “Grindeks” as the Director of Sales. In his career, Muhtsi has also worked as a medical practitioner, as well as he has run the department of Anaesthesiology and Intensive Care at Viru Central Hospital (Estonia).

By taking up his duties as a Member of the Board of JSC “Grindeks” Ibraim Muhtsi will also become a Commercial director of the company and will be responsible for the Group’s marketing and sales functions.   

Muhtsi has graduated from the University of Tartu, Estonia obtaining a Doctor's diploma in Anaesthesia and Intensive Care specialty.

Ibraim Muhtsi does not own shares of JSC “Grindeks”.

The Members of the Board, Chairman of the Board Juris Bundulis and Chief Finance and Administrative Officer Vadims Rabsha continue their work in the Board of JSC “Grindeks”.


“Grindeks” is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 13 countries.

“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of generics included therein. Currently “Grindeks” produces 25 active pharmaceutical ingredients.

Products of the company are exported to 60 countries and its export comprises 94% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, the Netherlands, Germany, Canada, the U.S., France, Ireland and Japan.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing more than 70 million euros over the years.

JSC “Grindeks” shares are listed on the Official List of “NASDAQ Riga”. Major shareholders of JSC “Grindeks” are Kirovs Lipmans – 33.29%, “AmberStone Group”, AS – 22.66%, Anna Lipmane – 11.38%, “Swedbank” AS Clients Account (nominee account) – 9.92%.




         Further information:
         Laila Klavina
         Head of the Communications Department, JSC “Grindeks”
         Phones: (+371) 67083370, (+371) 29256012
         Fax: (+371) 67083505