PGF – Bold Entry into Europe
Ms. Maria Wiśniewska was appointed President of the new company.
“We managed to convince this outstanding professional to become a part of the excellent project, says Jacek Szwajcowski, PGF’s President. As the CEO of Bank Pekao, Maria Wiśniewska successfully completed a merger of four banks, a privatisation and an internal restructuring process. As a result, Bank Pekao emerged as one of the largest and most efficient banks in the region, voted the best bank in Poland by such prestigious international publishers as Global Finance, Euromoney and The Banker in 2000, 2001 and 2002. In 2001 and 2002, Maria Wiśniewska twice made it to the list of top 25 most influential women in European business compiled by Wall Street Journal. A year later, she ranked one of the “25 Stars of Europe” selected by Business Week.
“International development will be the key objective for CEPD. With our plans we encompass an area inhabited by over 183 million people. It is our mission and a true challenge to offer a modern and efficient pharmaceutical service, and in fact to care for the health of our patients”, says Maria Wiśniewska, CEPD’s President.
PGF is one of the fastest growing Polish companies. Since its debut on the Warsaw Stock Exchange in 1998, the company increased its revenue 16-fold, and its net profit – nearly ten-fold. “We can make use of our unique experience on international markets”, says Jacek Szwajcowski.
The large scale of PGF operations justifies a division of the entire business into wholesale and retail segments. Establishment of CEPD will facilitate the management of the international operations, and provide a source of new funds for investment projects. CEPD will become a holding company to pharmaceutical distributors operating in selected European countries. The existing members of the PGF Group, dealing with retail sales in Poland (DOZ S.A.), and all international members of the Group will become a part of the new company. All members of the holding will continue to operate in accordance with Polish law, and pay local taxes.
“Prior to the making of the final decision, we thoroughly analysed the situation on the European and local markets. We resolved to use the great opportunity offered by Poland’s membership in the EU. “We founded the new company in the Netherlands because it is one of the most favourable EU countries to conduct business in”, says Jacek Szwajcowski. CEPD’s head office is in Amsterdam.
The new organisation’s greatest advantage will be its ability to provide considerably better services to producers and pharmacists, and therefore to the patients, who are the priority. “Operating on a dozen or so markets, we are able to guarantee long-term contracts and stable funding of receivables,” assures Maria Wiśniewska.
While inviting financial investors to invest the new holding company, PGF intends to allocate a dedicated tranche of shares to pharmacists. “We want to encourage private pharmacies to acquire our shares, since they are a vital part of the new organisation. The value of CEPD will grow year on year, therefore I would like pharmacists to have a share in the profit and become co-owners of the company,” says Maria Wiśniewska. “At the moment we are looking at a number of options, including in particular a stock offering addressed to DOZ pharmacists on preferential terms, with a discount to the price offered to financial investors”.
