Galenika ends up restructuring – Trade Unions oppose “privatization at any cost "

(Photo: Ivana Vuksa)

State-owned pharmaceutical company, Galenika, which enetered the restructuring process in late 2013, formally ended this process at the end of the last week, trade unions "Nezavisnost" and "Sindikat Galenika", Wise broker reports.

These two trade unions with the majority of the employees think that this unsuccessful pharmaceutical company should not be privatized ”at any cost”. The state would lose the most in fast and unconditioned sale. With minimal support of the state, the company could be sold at EUR 500 m in two years’ time, it was stated in the announcement.

Galenika could very soon recover its position of the biggest pharmaceutical in Serbia and region without any financial support but through debt restructuring and other cost reduction measures, it was stated in the announcement. As it has been known, Galenika is listed among 502 companies which the government is trying to privatize and September 15 is the deadline for delivering letter of interest for potential investors, Wise broker reminds.