Sanevit reborn as Sanevit 2003

The transfer of Arad-based Sanevit Company, a producer of syringes and single-use medical needles, from Banking Assets Resolution Agency’s (AVAB) portfolio into that of the Health Ministry, has resulted in the establishment of a new company, Sanevit 2003 SA. The new company produces medical equipment and instruments within the “Made in Romania” programme, according to the Government decision on setting up this company, which has been recently published in the Official Gazette. The share capital of Sanevit 2003 stands at 276.9 billion ROL and is made up of assets of the former Sanevit company, in addition to a cash contribution of 40,000 ROL from the Romanian State, represented by the Health Ministry. The share capital is entirely subscribed by the Romanian State, and is divided into 13.8 million nominative shares, the par value of which is 20,000 ROL. The new company will take over the personnel of former Sanevit. Employees will be thus be considered as transferred and keep their salary rights unchanged until a new collective labour contract is sealed. ZF