Georgia, Tbilisi, Nov. 10 / Trend N.Kirtzkhalia /
The Georgian Economic Development Ministry sold the government's 100-percent stake in the referral hospital to the Polish Devon, the ministry reported. The company bought the clinic on Tuesday at an auction held by the ministry for $550,000.
The Polish company will report on its future plans at a presentation on Nov. 20.
The initial bidding price on the facility was $500,000. The hospital's authorized capital is 1.939 million lari. Its accounts receivable hit 166,188 lari with credit debts of 333,255 lari.
After 36 months of executing the contract, the new owner will be obliged to invest 3 million euro in the hospital according to the following schedule: first 12 months - 250,000 euro, next 12 months - 500,000 euro, last 12 months - 2.25 million euro. Within seven years, the hospital must maintain its profile.