Small shareholders of Galenika to get EUR 220 per package on average?

Just as the state didn't profit much from the sale of Galenika, as it received only EUR 16 million for its capital, the small shareholders – the employees and pensioners of the formerly biggest pharmaceutical company in Serbia – do not stand to gain much either. They still own 6,27% of the shares which have been in their hands since 2008. There are 4,790 small shareholders, owning 149,813 of the total issued amount of nearly 2.4 million shares. On average, each has 31 shares.

Calculated using the price of EUR 16 million for the state package, the price of a share amounts to EUR 7.14 and the average share package of small shareholders is worth EUR 221. According to the agreement, the purchaser must file a non-conditional bid for the buyout of the shares not subject to the sales and purchase within six months of the signing of the agreement at an offered price not lower than the price per share from the sales and purchase agreement.

– The shareholders are free to decide whether they want to sell their shares or not – the Ministry of Economy says.

The company's trade unions hope that the value of the shares, freed from debts, will be much higher in the future.

Dragovan Milicevic, economic analyst, says that the shareholders are subject to the risks related to the company's operations and that the shares of small shareholders are not worth much for the simple reason that the state has no capital, as the reported loss exceeds the assets. He reminds that the state has written off its own and Srbijagas' claims in the amount of as much as EUR 110 million.

Galenika a.d. Beograd

Ministarstvo privrede Republike Srbije

EMS S.A. Brazil

Aelius

small shareholders of Galenika

pharmaceutical company

production of medical drugs

medical drugs

Galenika shares

Dragovan Milicevic

sale of Galenika

privatization of Galenika

pharmaceutical industry