Serbia says all 3 bids for Galenika have technical flaws, expects corrections by Aug 16
, NewsThe offers submitted by all three bidders in the tender for the purchase of a 25% stake in Serbia’s indebted state-controlled drug maker Galenika contain certain technical flaws, the country’s economy ministry said, giving the potential investors two weeks to make corrections.
Hence, India’s Cadila Pharmaceuticals, Brazil’s biggest pharmaceutical firm EMS S.A., and a consortium of Britain’s Frontier Pharma Limited and Russian LLC NPA Petrovax Pharm have to amend their documents by August 16, the ministry said late on Tuesday.
After the deadline expires, the commission handling the tender procedure will open the financial bids only of those bidders who have made the necessary technical corrections.
The bids will be ranked according to the number of jobs proposed and the plans for recapitalisation of the company as the two most important criteria.
The government, which owns 70% of Galenika, will then announce the best bidder and it will have up to 90 days to negotiate a final deal with it.
Galenika is one of the remaining 17 state-owned Serbian companies bound to be privatised or liquidated as part of commitments which the country has undertaken under a 1.2 billion euro stand-by arrangement with the International Monetary Fund (IMF).
Galenika owes some 130 million euro ($145.6 million) to state-owned companies and another 70 million euro to banks.
Source; See News
LATEST NEWS
- May 11, 2023 Mining Industry, Science and Communications, bridging the gaps
- May 11, 2023 Communicating Energy, new tech industries communications
- May 9, 2023 Serbia economy briefing: Transformation of “Elektroprivreda Srbija”
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials, the advantages of Serbia as materials supplier
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- February 28, 2023 Serbian exploitation miner Belkalhan could become EU primary supplier of Graphite critical raw material
- February 28, 2023 Calcite/calcium carbonate premium quality supplier from Serbia opening supply contracts for 24,25, pharmaceutical/chemical/food processing industry opportunity for JV
- February 16, 2023 Serbian Belkalhan calcite & graphite mining developer invites JV partners for joint critical raw materials exploitation
- February 15, 2023 Petroprocess to modernize EPS power plant CEMS system with state of the art equipment
- May 27, 2023 Serbia, Demand for loans was reduced in the first quarter of this year
- May 26, 2023 Serbia, Zijin Group and the port of Bar in cooperation through the transport of copper
- May 26, 2023 Serbian friendship with Qatar will continue through new ICT projects
