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Privatization of Romanian Antibiotice Iasi company under parliamentary investigation

de Costin Ionescu
Luni, 18 februarie 2008, 9:22 English | Business

The Health and Family Commission of the Romanian Parliament investigates the privatization procedures of Antibiotice Iasi drugs factory in NE Romania. Commission members declare they are unsatisfied by the fact that the future buyer does not have to maintain the antibiotics production after purchase. In a BBC interview, Commission head Mircea Ifrim declared that the solicited price for the company is too low.

He said he was confident that the company could still be a serious competitor on the market, even if the competition is high in the sector. Currently, the local Court of Appeal decided to suspend the Government decision to sell 53% of the company.

In 2006, Antibiotics Iasi reported a net profit of 24 million Romanian Ron and in the last quarter of 2007, the company net profit amounted to 28 million Romanian Ron.

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