Банкеръ Weekly



Within a month and a half the Sandanski-based pharmaceutical company Medica will start implementing the so called C-marking (clean rooms) - a quality standard for wound care materials production. By the end of June the company will receive in its bank accounts a EUR1.19MN convertible loan by the Bulgarian Post-Privatisation Fund (BPPF), where EBRD and Europa Capital Management (ECM) are among the shareholders. Financing will be used for the building of a new production shop, which should start operation in February 2002.
According to the contract signed in the beginning of 2000 between BPPF and Medica, the loan will be transformed into the venture capital fund's stake in the company, said Alexander Gebov, BPPF representative at the Medica Supervisory Board, to the Banker weekly. By launching the loan the fund's total investment in the pharmaceutical company will reach EUR2MN. The remaining EUR810,000 were invested still in March 2000 through the Medica capital increase.
Since then the shareholder's stakes are as follows:
The majority owner is Doverie Holding - 58.97%, EBRD - 16.2%, and ECN - 5.4%. T
he remaining shares are owned mainly by workers and vaucher privatisation participants, while a small stake is still owned by the Ministry of Economy.
Besides the investment in the new production shop, Medica plans to invest USD600,000 own means in the implementation of GMP in its pharmaceutical production, said Yanka Rizova, financial manager, who is also the Management Board member. The goal is till March 2002 the company to be able to sell its production both at the local and the international market. 'he Management expects this year sales revenues to reach BGL24MN, compared to BGL21.708MN last year.
According to the 2000 activities reports, 55% o the company production is sold abroad. A considerable part of the wound care materials are sold in the EU - France, Italy and Germany. They are well accepted in the CIS countries, the Baltic region, Poland, Greece, Macedonia and Yugoslavia. While the pharmaceutical production is sold only in the former Soviet Union and in Poland.

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