The controlling interests in Sovata-based Balneoclimaterica Company changed hands in a $6.9 million transaction.
The new owner is Salina Invest Company from Targu-Mures, backed by Hungary's largest hotel chain, Danubius Hotels, along with Corvinus International Investment venture capital fund, held by the Hungarian state.
There is a certain risk involved though, as an old litigation could hinder the transaction.
The Privatisation Authority (APAPS) sold 82.17% in Balneoclimaterica Sovata to Salina Invest. Of the $6.9 million, $5 million account for investments to be run over two years. The contract also stipulates that the buyer should undertake the payment of the company's debts.
Balneoclimaterica has 29.3bn lei in share capital (1,171,790 shares with 25,000 lei in face value each) and holds the Sovata and Lacul Rosu healthcare resorts.
On the other hand, SC Alunis SRL trading company sued both Balneoclimaterica Sovata and APAPS to have the negotiations suspended. Pirosca Ioan, sole administrator of SC Alunis SRL, lessee of the Alunis Hotel in Sovata, claims APAPS has ignored the application submitted in order to have the lease upgraded to a real estate leasing contract, under Ordinance 32/1998.
Targu Mures Court of Appeals yesterday ruled in favour of cancelling all the privatisation formalities and papers and suspending every action in this respect.
The main treatment and rehabilitation centre in Mures County holds several hotels (Alunis, Bradet, Sovata or Faget), restaurants, motels and multiple treatment facilities (saunas, gyms, thermal water pools, hydrotherapy installations etc.)
The data provided by the Privatisation Authority show that 75% of the investments pledged for two years will have to be made in the first year.
The buyer is also bound not to sell or strip any health spa-related assets and not to prohibit equal access of all the tourists in the Alunis, Faget and Bradet hotels to the treatment facility through the passageways built for this purpose.
At the same time, Salina pledged not to use its position as main shareholder to pass any modification of the company's core business stipulated in the statute through the General Shareholders Assembly over the next five years.
To ensure the observance of the buyer's obligations, APAPS stipulated a series of cancellation clauses in the contract, such as the termination of the contract, the loss of the participation guarantee and the payment of various penalties contingent upon the obligation undertaken.
Contacted by Ziarul Financiar, Betegh Sandor, vice-president of the Hungarian hotel operator, said he had not been officially notified by the Romanian authorities yet, but he had indeed learnt about the tender being won.
The development plans for Sovata Complex will be revealed only after the signing of the contract with APAPS, but the Danubius Group official says the actual investments will probably be higher than those stipulated in the bid, depending on the current condition of the facilities in Sovata.
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