Serbia’s economy ministry said a total of 10 companies have purchased tender documents for the privatisation of ailing pharmaceutical firm Galenika by September 20 deadline, local media reported.

Potential buyers will be able to place their bids until October 2, public broadcaster RTS quoted sources from the economy ministry as saying.

The Serbian government launched the tender for the sale of Galenika on September 1. The minimum price was set at 25 million euro ($29.7 million) for the repayment of Galenika’s debt plus 1 euro for the tendering, news agency Tanjug said earlier this month.

On August 14, Galenika shareholders gave the green light to the conversion of debt to the government into equity, opening the way for the privatisation of the company.

The government now holds a 93% stake in Galenika, with the remaining 7% in the hands of retail investors.

In March, the government cancelled a procedure for the privatisation of Galenika under a proposal of the commission that had held negotiations with the sole bidder, a British-Russian consortium.

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