The Serbian Ministry of Economy announced a new public tender on Friday for the sale of 93.7 percent of the shares in the capital of the Belgrade pharmaceutical company Galenika, with a starting price of one euro.
The deadline for submitting applications to participate in the privatization process of Galenika is October 2, along with a payment of 2,000 euros for the purchase of documentation, and the opening of bids is on October 4.
The banks, to which Galenika owes more than 71 million euros, have agreed that the future owner of the company will pay them a total of 25 million euros, or they agree to a discounted debt buyout.
According to the terms of the public tender, potential investors must operate in the pharmaceutical industry, with revenues exceeding 300 million euros in the last business year.
Galenika currently has about 1,400 employees, and estimates suggest that the optimal number should be a maximum of 900.
The attempt to sell Galenika earlier this year failed because an agreement on a strategic partnership with the Russian-British consortium Frontier-Petrovax was not reached due to the takeover of the company’s debts.
Belgrade media report that the British-Russian consortium and the companies Sinforam, Amikus, Hemofarm, and Brazilian EMS could again be in the running to purchase the 93.7 percent ownership stake in Galenika.
