Delay in privatization of Antibiotice Iasi

1 April 2007

The privatization of Romanian pharmaceutical company Antibiotice Iasi has been delayed but is expected to be completed by the middle of this year, according to the relevant government authorities. However, the drugmaker's general manager has said that the process may not be finished before the end of 2007.

Teodor Atanasiu, the president of the Authority for State Assets Recovery (AVAS), the body that oversees state-owned companies, said that the delay has been caused by the long process of selecting a financial consultant. Mr Atanasiu added that offers for the position of financial consultant would be opened on April 20.

The AVAS president added: "we took into account the performance of this company and its position in the Romanian economy, and we decided that we first needed to select a financial consultant to draft a privatization strategy for Antibiotice Iasi. After selecting the consultant and finalizing the strategy, it will be approved by the government. I believe that the privatization process of Antibiotice Iasi will be completed by mid-year."

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