Plans for pharmaceutical holding still on track

The government has maintained its commitment to setting up a pharmaceutical holding, which should be created within three months and floated on the stock exchange at a later date. It will consist of Polfa companies from Pabianice, Tarchomin and Warszawa. "We forecast that the creation of a holding structure should take no more than three months from the date of accepting this program," revealed Piotr Czyżewski, Treasury Minister. The proposed name for the company is Polish Pharmaceutical Holding (PHF). Its main tasks will include strategic planning, research and development, investments, human resource management, drugs' marketing, sales and export. Operating activities will remain in the hands of the Polfa companies, who will transfer their shares into the parent company. The government will remain the sole investor in PHF until at least 2006, but up to 30% of shares might be floated as early as 2004. According to Parkiet, the value of the holding should amount to zł. 1.28 billion. (Parkiet, p. 1) M.M.