Polish consortium looks to take over 80% of Polpharma

Privatization of Starogard Gdanski-based Polpharma, the biggest state-owned drug manufacturer, is drawing to a close. A Polish investors' consortium headed by Jerzy Starak will clinch the deal with the Treasury at the beginning of May and acquire an 80% stake in the company. The deal is estimated at zl. 343 million. Jerzy Starak is to obtain the largest stake (51%), while 20% will go to Prokom, 9% to TUR Warta and the remaining 20% to the Treasury and its staff. Investors have been obliged to provide a substantial capital injection in the company during the first three months and develop investments during the next five years. The arrangement also provides for the bulk of resources, materials and packaging for the company to come from Polish producers. Starak intends to increase Polpharma's presence in Central Europe while some experts believe Polpharma may debut on the Warsaw bourse after the restructuring. (Puls Biznesu, page 5) P.S.