October 17 (SeeNews) - Montenegro has invited bids in a tender for the sale of a 56.48% state-owned stake in healthcare and spa centre Simo Milosevic, the country's privatisation agency said.
A total of 215,954 shares held by Montenegro will be put up for sale, the privatisation agency said in a notice posted on its website.
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Interested investors will be able to place their bids until January 14, 2019, the agency said.
Bidders should have in their ownership at least one medical rehabilitation centre or at least three hotels or a hotel complex with a capacity of more than 600 rooms, the agency added.
Moreover, a revenue of at least 100 million euro in the course of 2015, 2016 and 2017 cumulatively is required.
The Montenegrin government has already carried out five tenders for the privatisation of the state-owned stake in Simo Milosevic. London-based International Wellness Group Limited (IWG) was the only bidder in the latest tender and took over the firm for 10 million euro ($11.5 million) in August 2015.
In May 2016, Montenegro's government terminated the deal, as IWG did not fulfil its obligations within six months of the contract's conclusion. Under the deal's terms, IWG had to invest at least 50 million euro within five years from the takeover. The agreement also included a commitment to invest 10 million euro in medical equipment.
Healthcare and spa centre Simo Milosevic, also known as Institute Igalo, is based in the Adriatic resort of Igalo, in the municipality of Herceg Novi.
($ = 0.8671 euro)