Plans for privatization of Galenika and Politika approved

The government has agreed to start the process of privatization of the pharmaceutical company A.D. Galenika and newspaper and magazine publisher A.D. Politika.

Izvor: Tanjug

Monday, 25.11.2013.

16:10

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BELGRADE The government has agreed to start the process of privatization of the pharmaceutical company A.D. Galenika and newspaper and magazine publisher A.D. Politika. This has been published in the latest issue of the Official Gazette of the Republic of Serbia. Plans for privatization of Galenika and Politika approved The Serbian government has an 85 percent stake in Galenika. Galenika Acting Director Zivomir Novakovic has told Tanjug that Galenika’s management has submitted a complete financial statement for the firm to the Economy Ministry, adding that he expects the government to come out with a concrete plan of measures based on that. Novakovic said that the Tax Administration blocked the company’s account two months ago, which has made doing business difficult. Galenika said that their account was blocked for being RSD 80 million in red, which reduced the volume of production and put in jeopardy the operation of the company that the entire healthcare system of the country is based on. According to unofficial information, the Economy Ministry has said a number of investors are interested in Galenika. In earlier privatization attempts, the U.S.-based Valeant Pharmaceuticals North America LLC was interested, but it gave up on sending a letter of intent for strategic cooperation in early July. The motion to start the process of privatization of Galenika and Politika was filed by the Ministry of Economy on November 14. (Tanjug, file) Tanjug

Plans for privatization of Galenika and Politika approved

The Serbian government has an 85 percent stake in Galenika.

Galenika Acting Director Živomir Novaković has told Tanjug that Galenika’s management has submitted a complete financial statement for the firm to the Economy Ministry, adding that he expects the government to come out with a concrete plan of measures based on that.

Novaković said that the Tax Administration blocked the company’s account two months ago, which has made doing business difficult.

Galenika said that their account was blocked for being RSD 80 million in red, which reduced the volume of production and put in jeopardy the operation of the company that the entire healthcare system of the country is based on.

According to unofficial information, the Economy Ministry has said a number of investors are interested in Galenika.

In earlier privatization attempts, the U.S.-based Valeant Pharmaceuticals North America LLC was interested, but it gave up on sending a letter of intent for strategic cooperation in early July.

The motion to start the process of privatization of Galenika and Politika was filed by the Ministry of Economy on November 14.

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