Montenegro plans to privatise tourist resorts in 2017

Montenegro plans to privatise tourist resorts in 2017
By bne IntelliNews February 22, 2017

Montenegro plans to offer state-owned stakes in several resorts and other companies from other industries this year, according to the privatisation plan adopted by the sell-off body.

The tourist sector contributes significantly to the economic growth of the Adriatic country and attracts many foreign investors. The sector is expected to contribute more than 30% of GDP by 2024.

This year, the privatisation body will try again to sell the Simo Milosevic spa centre after the previous attempt failed in May last year. Montenegro’s government cancelled a deal with the UK-US consortium International Wellness Limited Group (IWG) to buy its 56.48% stake in Simo Milosevic as the buyer did not fulfil its obligations. In January, Portalanalitika.me reported that investors from the United Arab Emirates (UAE) are interested in participating in a new tender for the privatisation of the healthcare and spa centre.

The state-owned stakes in several other hotel operators will also be offered for sale this year, including Budvanska Rivijera and Ulcinjska Rivijera. Both have been included in the government’s privatisation plans for years but no tender has been launched. This time, the privatisation body plans to first restructure the companies and then offer them for sale.

The 2017 plan also includes completion of the privatisation of port operator Luka Bar and rail cargo operator Montecargo. Polish port operator OT Logistics filed bids for both stakes and the privatisation council has already started talks with the company.

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