Ministry of Treasury says ‘no’ to Polfa Tarchomin

MAG
05-11-2008, 11:44

Warsaw (Puls Biznesu) – The medicine producer wants to increase capital via its subsidiary controlled by employees. The ministry is skeptical as this may complicate the privatization process.

Polfa Tarchomin is holding its GSM on November 13 as it plans to increase capital by PLN 5m (EUR 1.4m) to PLN 40m.

“The shares will be offered to Polfa employees”, Andrzej Wisniewski representing the pharmaceutical company said.

“The idea is to provide funds for Polfa, the same with the loan from the Agency of Industrial Development (ARP)”, Marcin Zielinski from the ministry of the treasury said.

 Andrzej Wisniewski assures that the company has no problems with money.

“The capital increase will be spent for development, and not to save the plant. I don’t know why ministry officials keep saying that we have problems. Maybe they got used to it”, Polfa representative commented.

Marcin Zielinski admits that Polfa situation has improved and in the first three quarters of this year, and the company should have an operating income.

However, the company needs to better guarantee its loans and waits for Brussels approval to borrow PLN 20m from ARP. The ministry approves of this loan but is against the capital increase.

“We will probably be against. Privatization is being planned, preparations have been started already. Where will the employees’ company take money from? What if a third party enters the company? This would make privatization process much more complicated”, Marcin Zielinski said.

The ministry plans to sell Polfa Tarchomin in the first half of 2009.

Today, 15 percent of Polfa shares belong to the employees. PHF owns 69 percent while the ministry of the treasury controls 16 percent of the capital.

(PLN 1 = EUR 0.282)

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Podpis: MAG

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Puls Inwestora / Ministry of Treasury says ‘no’ to Polfa Tarchomin