Govt. to sack management of pharmaceutical company
The government will provide guarantees for a loan of EUR 70mn for the pharmaceutical company Galenika, Minister of Economy Nebojsa Ćirić said on Thursday.
Friday, 24.06.2011.
10:00
The government will provide guarantees for a loan of EUR 70mn for the pharmaceutical company Galenika, Minister of Economy Nebojsa Ciric said on Thursday. He announced that the state-owned company's director Nenad Ognjenovic and most of the management will be relieved of office, noting that the government had ordered a review of operations of the company. Govt. to sack management of pharmaceutical company Ciric said he expects an agreement with banks this or next week. Part of this loan, if obtained, amounting to EUR 40mn, will be used to settle short-term obligations while the remaining amount will be used for working capital, he said. The minister said that the government will do anything to help the new president of the Galenika Board of Directors to consolidate the company financially. Galenika can certainly do good business and increase sales of drugs with a good and effective management, he said. Galenika's total debt amount to EUR 120mn. Nebojsa Ciric (Beta)
Govt. to sack management of pharmaceutical company
Ćirić said he expects an agreement with banks this or next week.Part of this loan, if obtained, amounting to EUR 40mn, will be used to settle short-term obligations while the remaining amount will be used for working capital, he said.
The minister said that the government will do anything to help the new president of the Galenika Board of Directors to consolidate the company financially.
Galenika can certainly do good business and increase sales of drugs with a good and effective management, he said.
Galenika's total debt amount to EUR 120mn.
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