PHF tidies up management ahead of company reforms

According to Puls Biznesu one of the recent planned changes to statutes of the three Polfa pharmaceutical plants that the holding owns envisages giving more power to supervisory boards of the Polfas. In this way management boards of the plants could be changed without the need to call a general shareholders meeting. "Currently we are in consultations with the supervisory board. The first steps towards consolidation should be made within the next few weeks," said Jerzy Milewski, president of PHF. According to Puls Biznesu, the full strategy of the holding should be ready by April 2007, while its implementation will be commenced no sooner than in August. Apart from purchasing Ciech Polfa, PHF is also considering taking an over 30% stake in Polfa Grodzisk. The move appears strange as the latter has been owned in 70% by Gedeon Richter for the past few years. (Puls Biznesu, pp. 1, 8) M.M.