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Nov 03, 2017 10:57 EEST
November 3 (SeeNews) - Serbia's economy ministry said it signed a contract for the sale of the state-owned 93.7% stake in ailing drugmaker Galenika to Luxembourg-based Aelius, affiliated to Brazilian pharma group EMS SA.
EMS is a renowned company from the pharmaceutical industry and hopefully, this privatisation will be successful and will have a positive impact on Serbia's economic growth, the economy ministry said in a statement on Thursday.
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"Serbia's interest is that people work, receive salaries and pay taxes and contributions, and you have to expand the market and profit. We will help each other in that," Knezevic said after the signing of the contract in the presence of the owner of EMS SA, Carlos Sanchez.
EMS SA wishes to have a successful company whose employees receive good salaries and to continue to develop in Serbia, Sanchez said.
Serbia's economy ministry said last week that Aelius offered 16 million euro ($18.6 million) for the acquisition of the 93.7% stake. The buyer will also have to repay a 25 million euro bank loan plus a compensation worth 200 euro per every year with the company to the employees who joined a voluntary downsizing plan.
The Serbian government launched a tender for the sale of its stake in Galenika on September 1. The minimum price was set at 25 million euro, to be used for repayment of Galenika debt, plus 1 euro for the tendering.
($ = 0.8588 euro)
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