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Attempt to sell stake in Galenika pharmaceuticals fails - Serbia Business

Attempt to sell stake in Galenika pharmaceuticals fails

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The procedure for the privatization of the pharmaceutical company Galenika through the model of strategic partnership should be declared unsuccessful.

The commission for the implementation of strategic partnership on proposed this to the Serbian government on Wednesday, th Ministry for Economy announced, Beta reported.

Previously, negotiations were conducted with the British-Russian consortium Frontier-Pharma Petrovax about the sale of a 25-percent stake in Galenika, the agency said, quoting Minister of Economy Goran Knezevic as saying that the state would not give up on Galenika, bearing in mind its potential, which could be developed through other privatization models, so that Galenika would once again operate sustainably and with profit.”

The Ministry for Commerce and the management of Galenika have also considered, parallel with the negotiations with the interested strategic partners, the possibility for restructuring Galenika’s liabilities, in case the agreement is not reached, the ministry’s statement said.

Earlier, the Serbian government recommended to the relevant bodies of state creditors not to issue orders for freezing Galenika’s accounts, i.e. not to initiate the procedures for collecting their claims, and to withdraw the collateral that would be due for Galenika and its dependent companies, until the final agreement with commercial creditors is reached, but not later than March 31, 2017.