Банкеръ Weekly



The pharmaceutical enterprise Medica will open on November 15 the most state-of-the art workshop for dressing materials in Europe. It is located on 3,200 sq. m and will employ 80 experts. The aggregate amount of the investment is BGN4.5MN. The funds were necessary for building the main production premises and a modern sterilization sector. The production of end sterile products will increase after the commissioning of the new workshop. They are also expected to get the CE sign, which is a certificate for safety, that will make the market of Northwestern Europe accessible for the company. This will be of benefit to the enterprise, which posted a BGN1,038,000 loss in the first half of the year, and in June, 2002 the managers had to sack employees due to the decreased proceeds. January-September sales dropped from BGN14.3MN to BGN13.4MN, and the losses were reduced to BGN66,000. Medica's financial situation was complicated by the fact that the company was forced to write down receivables of BGN2.5MN from Russia, dating back to 1991-1992. Part of them have already been written off in previous years.Considerable investments in the enterprise's managerial and informational system have been projected as well. The necessary funds of BGN3MN will be released by ROSEXIMBANK. A new building of the pharmaceutical enterprise is under construction. It should comply with the requirements for good manufacturing practice (GMP), to be introduced in Bulgaria. The GMP standards shall be obligatory for all pharmaceutical enterprises and concern the hygienic and safety norms of production. Andrei Evtimov, Director of Doverie Obedinen Holding, told the BANKER weekly that Medica's new building, to be ready by June, 2003, would be built by Diana Commerce (specialized in such activities).There will be changes in Medica's management structure as well, to be approved at the extraordinary general meeting of the company's shareholders, scheduled for November 14. The company's two-tier management system will be changed into one-tire, and some personal replacements will be made as well. The post-privatisation fund of the EBRD and ECM (which is no longer among the company's shareholders) will be probably replaced in Medica's Supervisory Board.

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