BELGRADE (Serbia), October 14 (SeeNews) – Serbia’s largest drug maker, Galenika, has sold a 100 million dinar ($1.6 million/1.1 million euro) bond issue, the brokerage in charge of the transaction said on Wednesday.
In a filing to the Central Securities Depository and Clearing House, Belgrade-based brokerage KBK Broker said Galenika sold 10,000 bonds at a price of 10,000 dinars each, equal to their par value.
The issue has a 9.0% annual interest and will expire on October 8, 2010, it added without elaborating.
Galenika expects its net profit to rise by around 10% to 7.0 million euro ($10 million) this year, the company's director general, Nenad Ognjenovic, told SeeNews earlier this year.
Serbia plans to offer for sale 70% of the company in 2009.
Galenika’s major domestic competitors include Sumadijalek, owned by Greek pharmaceutical company Alapis, and Hemofarm, owned by Germany’s STADA.
(1 euro=93.2957 dinars)