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Five show interest in privatisation of Serbia's Galenika - trade union

Five show interest in privatisation of Serbia's Galenika - trade union Source: Galenika a.d.

BELGRADE (Serbia), August 11 (SeeNews) - A potential tender for the privatisation of Serbian drug maker Galenika has attracted the interest of five companies, a trade union leader said.

The government plans to convert a 100 million euro ($117.5 million) of Galenika debt into equity, lifting the state-owned stake in the company to 90%, the leader of trade union Nezavisnost at Galenika, Zoran Pantelic, said in a video file posted on the website of Serbian news agency Tanjug on Thursday.

The decision on whether to launch a tender for the sale of the 90% stake will be taken by the government on August 14, Pantelic said.

Last month, Serbian media reported that the government is expected to launch a tender for the sale of a majority stake in drug maker Galenika on September 1.

After a tender for the sale of a 25% stake in Galenika through subscription of a capital hike by a strategic investor failed in February, the government has opted to dispose of a majority stake, which is believed to be far more appealing to potential investors, Serbian broadcaster RTS reported at the time.

In March, Serbia's 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.

The Serbian state controls 70% of Galenika directly and a further 15% via state-owned investment fund Akcionarski Fond Beograd. The remainder is controlled by retail shareholders.

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