Government signs agreement on purchase and sale of 56,4806% of capital of Institute "Dr Simo Milošević AD Igalo" with International Wellness Group Limited-London

Podgorica, Montenegro (19 November 2015) -- The Government of Montenegro signed earlier today an Agreement on purchase and sale of 56,4806% of the share capital of the Institute for Physical Medicine, Rehabilitation and Rheumatology "Dr Simo Milošević AD Igalo" with the International Wellness Group Limited – London. Representatives of the Government of Montenegro, Investment and Development Fund, Health Insurance Fund and Employment Agency of Montenegro signed the agreement on behalf of the seller of the share capital.

According to the purchase contract provisions, a deadline for meeting the previous requirements and closing of transaction is 6 month from the day of signing the agreement, but all the activities are expected to be carried out within a shorter period of time.

The requirements defined within the previous terms and conditions include: the obligation of signing the agreement on using services of the Institute with the Health Insurance Fund of Montenegro under the same conditions as it was prescribed by the previous agreement signed for the period of 4 years; obtaining of all the necessary permits related to laws on environmental protection, signing of the Annex to the existing or signing a new contract with the University of Montenegro on lease of facilities under favourable terms, as well as the permits issued by the relevant authorities enabling the company to:

a) Provide medical services;
b) Be engage in hotel, recreational and service activities,
c) Use the healing mud, and
d) Use the mineral water in accordance with the Governing Law.

The bidder is obligated to prepare a memorandum on cooperation with the International Hospital Group Limited, a specialised institution in the area of medicine, rehabilitation and wellness services, as well as to provide an approval for the concentration at the Agency for Protection of Competition and pay a purchase price for the shares.

COUNCIL FOR PRIVATISATION AND CAPITAL PROJECTS
Tender Commission for Privatisation