Sales contract for Institute Igalo signed
23.03.2009
The representatives of the Government of Montenegro, state funds and the Swiss company Home Art and Sales Services signed today a contract for acquisition of 56.4 per cent shares of the Igalo-based Institute “Simo Milosevic“.
Home Art and Sales Services, owned by Serbian businessman Filip Zepter, has to pay EUR 20 million for the state majority package of shares of Institut Simo Milosevic until April 10 in order to takeover the Montenegrin health centre.
The company has undertaken the obligation to invest EUR 150 million in the next four years. The investments are planned in three 12-month cycles, with construction breaks during the tourist seasons.
Director of the Agency for Economic Restructuring and Foreign Investments, Branko Vujovic, stated that the investment programme would lead to the extension of capacities and result in attaining a four star quality level.
Vujovic added that it was very important that Institute kept the same basic activity, and that there would be no layoffs in the first three year period.
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