MEXICO
CITY, July 22, 2024 /PRNewswire/ --
Genomma Lab Internacional, S.A.B. de C.V. (BMV:
LABB) ("Genomma Lab" or "the Company"), a leading company in
the pharmaceutical and personal care industry in Mexico with a growing international presence,
announces that it has secured a long-term credit line, refinanced
financial liabilities, and obtained the release of real estate
collateral tied to existing loans.
Long-Term Credit Line with BANCOMEXT
The Company secured an amortizable credit line of MXN
$1,500 million pesos with a 10-year
term to support its growth plans and the expansion of exports to
the 18 countries where it operates. The funds were disbursed during
the second and third quarters, primarily allowing for the
refinancing of shorter-term or higher-cost financial
liabilities.
Voluntary Prepayment of the Final Tranche of the Plant
Loan with IFC
In 2018, the International Finance Corporation (IFC), a member
of the World Bank Group, along with BID Invest and the
Inter-American Development Bank (IDB), both members of the BID
Group, provided a joint financing package of approximately
US$ 100 million to finance the
construction of the Company's manufacturing Industrial Complex.
On June 17, 2024, the Company made
a voluntary prepayment of the final tranche of the loan contracted
with IFC for Ps. 101.1 million, including principal and accrued
interest corresponding to the total outstanding balance contracted
for the plant's construction.
Release of Real Estate Collateral for BID
Loan Tranches
Following the reduction in the outstanding balance of the loan
with BID, the Company requested and obtained the release of the
collateral corresponding to the real estate assets on July 18, 2024. This will allow Genomma Lab
to consider approximately 180,000 m² of land adjacent to the
plant for its strategy to sell "non-core assets."
Antonio Zamora Galland,
CFO, commented: "We thank our strategic partners, IFC, BID, and
BANCOMEXT, for their trust and continuous support of our mission to
increase the supply of affordable over-the-counter medications and
personal care products throughout the Latin America and Caribbean region."
He added: "Genomma
will continue to strengthen its financial debt maturity profile,
optimize the average duration of its
liabilities, and enhance its
return on invested capital."
About Genomma Lab Internacional
Genomma Lab Internacional, S.A.B. de C.V. is one of the leading
pharmaceutical and personal care products companies in Mexico with an increasing international
presence. Genomma Lab develops, sells and markets a broad range of
premium branded products, many of which are leaders in the
categories in which they compete in terms of sales and market
share. Genomma Lab relies on the combination of a successful new
product development process, a consumer-oriented marketing, a
broad retail distribution network and a low-cost, highly flexible
operating model.
Genomma
Lab's shares are listed on the Mexican
Stock Exchange under the ticker
"LAB B" (Bloomberg: LABB:MM).
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SOURCE Genomma Lab Internacional, S.A.B. de C.V.