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Luminor Bank has provided funds in the amount of 680,000 EUR to one of the leading pharmaceutical wholesale and logistics service providers in the Baltics. The funding is intended for long-term investment in expansion to almost double the storage capacity of medical supplies.
With the funds granted by Luminor, the company SIA Oribalt Group plans to move the business to larger and more suitable warehouse and office premises with a total area of 4,500 square meters. The new office space is planned to cover an area of 500 square meters, and the warehouse - 4,000 square meters, which is 1,400 more than the premises where the company stored pharmaceutical and healthcare products so far.
"During the pandemic, the demand for various medicines and other medical products increased naturally. As a result, pharmaceutical wholesalers also had to evolve to adjust to new business conditions and growing demand. We are happy to support the Oribalt Group in its next stage of growth in order to further develop the green wholesale of pharmaceuticals and the distribution and logistics services of pharmaceutical products,” says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
SIA Oribalt Group operates in all three Baltic States providing a wide range of products and services. The company mostly covers product wholesales in Latvia, offering warehouse and logistics services, as well as promoting health stimulating products sales in the local market. Meanwhile, the company provides advertising and marketing services to pharmaceutical manufacturers, owns an online pharmacy internetaptieka.lv.