Agreement on sale of Institute signed

Representatives of the Montenegrin Government, the Investment Development Fund (IDF), the Health Insurance Fund and the Employment Agency (APA) have signed today a contract to purchase 56.48 percent of the share capital of the Institute “Simo Milosevic” with the Company International Wellness Group (IWG) from London.

The Tender Commission for the privatization announced that, in accordance with the terms of the contract, the deadline for fulfillment of the previous conditions and closure of the transaction is six months of its signing.

“It is expected that all actions would be implemented in significantly shorter period of time,” it is announced from the Tender Commission.

The government approved the sale of 56.48 percent of the state shares of the Institute to IWG consortium in August, as the only bidder on the fourth tender, which has offered little more than ten million Euros for a majority stake.

The obligations which are defined under the previous conditions, as specified in the Tender Commission, include the obligation of concluding a contract on the use of services of the Institute of the Health Insurance Fund, under the same terms of an earlier agreement for a period of four years.

Obligations, as they explained, include a license issued by the relevant competent authority, by which the company can do medical services, hotel, recreational and service activities, and get medical mud and use mineral water in accordance with applicable law.

Izvor: RTV Montenegro