PHF remains without operational funds

The General Shareholders meeting of Polfa Warszawa and Polfa Pabianice, which belong to Polish Pharmaceutical Holding (PHF), have decided to pay a dividend comprising 10% of each pharmaceutical company's net profit, while only zł.2 million will be transferred to support PHF's budget. Although zł.2 million initself is a relatively large sum, it is far short of the zł.8 million that PHF needs to build its company structures, buy more computers and pay out salaries, as so far even the management has been working without remuneration. PHF complains that companies that belong to the Holding should not decide themselves about their financial policies and activities. PHF president Andrzej Szukalski said that the Treasury Minister would decide about the actual shape of PHF when the holding is registered. Unfortunately, PHF is now without means, as it has no additional sources of capital. (Puls Biznesu, p. 12) J.J.