The Slovenia Times

Terme Lendava excluded from Sava Turizem to be sold separately


According to Sava Turizem, this is the highest offer it has received for the spa, from the Hungarian fund Comitatus.

The 99.92% of Sava Turizem's shareholders confirmed today the contract on Terme Lendava's exclusion from the group and on its takeover, which was signed by the group and the spa last October.

A minor shareholder, Pavel Bohinc, and the small shareholders' association VZMD announced they would challenge the decision in court, according to a report published on the website of the the Agency for Public Legal Records (AJPES).

Sava Turizem said before today's shareholders' meeting that the exclusion of Terme Lendava from the group - without the Health Centre Terme Lendava Sava Medical - was in line with the group's strategic guidelines and disinvestment plan.

According to the VZMD, Borut Simonič, a member of the Sava Turizem management board, said at today's meeting that the management had prepared a development plan for each destination at the request of the supervisory board and Slovenian Sovereign Holding (SSH).

In line with estimates conducted for this purpose, Terme Lendava would require EUR 11m in additional funds for further growth. Terme Lendava's capabilities have been worn out, which is why the spa operator cannot make a breakthrough, Simonič reportedly said.

Since the group decided against investing EUR 11m in the operator, it decided to sell it instead. Several bidders came forward, including Comitatus.

After the shareholders' meeting, Sava confirmed for the STA that the party interested in Terme Lendava was Comitatus, but would not reveal any other details.

It said "the sale procedure has been under way for several months and a decision by the shareholders to exclude Terme Lendava one of the contractual commitments".


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