Richter distributes $6.5 mln in stock to workers
Gedeon Richter, eastern Europe's biggest drugmaker, distributed shares worth Ft 1.3 billion ($6.5 million) as a part of an incentive program for employees.
Gedeon Richter Nyrt gave 32,240 of its own shares to workers in return for an „exceptional performance” and to encourage strong results, the company said in a statement to the Budapest Stock Exchange (BÉT) today. Shares in Richter closed at Ft 39,060 December 8.
The company, based in Budapest, is working to find new sources of profit to compensate for the Hungarian government's new drug law, which requires companies to pay a rebate on state subsidies. Richter estimated that the law, in combination with other taxes and subsidy cuts, could lower 2007 profit by at least Ft 7 billion. (Bloomberg)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.