Galenika offered to buyers for one euro

The Ministry of Economy has called a tender to sell a 93.7 pct owned stake in the Belgrade-based Galenika pharmaceuticals, with one euro as the starting price.

The buyer will have to increase Galenika's base capital by paying EUR 25 million, to be used to finance the company's debt.

The deadline to submit the bids in October 2, while they will be opened on October 4.
Those participating in the privatization must come from the same industry and have an annual income of over EUR 300 million in the last business year.

The appraised value of the capital offered for sale is negative and totals EUR 152 million.
Galenika owes more than EUR 71 million to banks, who have agreed to a discount and will accept the EUR 25 million payment from the future owner.

Beta is reporting on Friday that "potential investors think the optimal number of workers in Galenika...