The executive management of drug producer Sicomed Bucuresti was taken over, at the request of the company’s shareholders, by a foreign management company, Medial, led by Greeks.
“The decision to hire a management company could not be endorsed earlier because of stipulations included within the company’s status, which were modified during the General Assembly of Shareholders (AGA),” Francisc Bodo, an investment officer with Ged Capital Development, a company administering the Romanian Post Privatisation Fund (FRPP), an indirect shareholder with Sicomed, told Ziarul Financiar.
The majority stake in Sicomed (50.08 percent) was last year taken over by Venoma Holdings of Cyprus, a firm that is in its turn held in equal shares (33%) by FRPP, funds managed by Global Finance and Galenia North-East.
The other Sicomed shareholders are SOF-8.33 percent, SIF Muntenia-11.9 percent, and SIF Oltenia, with a stake of 8.76 percent in the company’s stock. Sicomed has a share capital worth 138.98 billion lei, divided into shares with a face value standing at 1,000 lei.
The AGA held at the beginning of this month completed the stipulation referring to securing the executive management of Sicomed, noting that this position can be taken over by an executive director or a management company.
Sicomed general director is, following AGA decisions, Vassilis Alexakos, who was a consultant for Sicomed for about 6 months. Alexakos, who is a Greek, led for about 15 years a pharmaceutical products firm in Greece. Moreover, for about 15 years, Alexakos has also been the chairman of the association of pharmaceuticals producers in Greece.
The same AGA elected the first five members of the management board, which is made up of two Greek members, two Romanian members and a German one.
Sicomed performances will have no influence over the payment of the managing company, considering that the payment for such services is fixed. Nevertheless, Bodo states, a business plan was annexed to the management contract, stipulating the constant increase of financial indicators.
Last year, the company registered net profit standing at 95.228 billion lei, amid turnover worth 615.6 billion lei. During the same period, the company posted total revenues amounting to 696.02 billion lei and total expenditures coming to 549.4 billion lei.
Sicomed owners decided however that the entire profit recorded last year should be transferred to the development fund and for the constitution of legal reserves.
For year 2000, the company’s management approved the revenue/expenditures budget that includes net profit of 141.3 billion lei, total revenues worth 942 billion lei and total expenditures of 756.7 billion lei, amid turnover standing at 929.5 billion lei.