The partners in a new pharmaceuticals venture planned for construction in the southern city of Sousse expect to finalise creation of the company in October.'We expect the remaining formalities in the constitution of the new company - appointing directors, auditors and brokers and issuing share certificates - to take about a month, ' says a project official. Local medical equipment manufacturer Adhe-Els Group and Regent-GM Laboratories, a subsidiary of Luxembourg-registered General Mediterranean Holdings (GMH), will be joint partners in PharmaTunis (MEED 28:4:00). The company is expected to have starting capital of TD 2 million ($1.4 million). Total investment is estimated at about TD 15 million ($10.3 million). Financing will be part-debt, part-equity, says Arif Hussain, a senior executive at GMH and a future board member of PharmaTunis.

The plant, which will manufacture pharmaceutical products and generic medicine, will serve both the local and export market. Bids for construction are expected to be invited in November.