HIT company offered its subsidiary Hit Montenegro on the market for investing in accordance with the program of financial and business restructuring, because of its guidelines for strategic development. The sales process took place according to planned phases in cooperation with the company Alta Skupina from Ljubljana, which as an exclusive financial adviser in the sale successfully implemented a transparent sales process.
HIT sealed the agreement to sell 75.01 percent of its capital in the company Hit Montenegro, together with associated real estate and tourist facilities of the complex Maestral Resort & Casino, to the company Monte Rock (Limited Liability Company for production, trade and services, export- import “Monte Rock”, Podgorica), whose founder and CEO is Mr. Petros Stathis.
Mr. Stathis is known to the international tourist and economic public for his role as investor and manager of some of the world’s most luxurious resort chain Aman, including Aman Sveti Stefan and Aman Grand Canal Venice.
Negotiations to conclude sales contracts included offering of binding bids, conducting of careful reviews, visits to the site and participation in management presentations. After two separate but related purchase agreements, the buyer will assume Resort Maestral while meeting all conditions for the completion of the sales process. The final total cost of the transaction will depend of the financial results of Hit Montenegro realized until August 31st 2015.
“On behalf of Monte Rock, I announce today with great pleasure that the agreements on the purchase of 75.01 percent of stake of the company HIT Montenegro have been concluded, including adequate tourist facilities and real estate that were owned and held by the company Hit Slovenia. On this occasion I would like to thank all the parties that were involved in this process, and that proved true professionalism and dedication in conclusion of this agreement of mutual interest”, said Stathis.
According to him, due to the fact that we are already neighbors, bearing in mind our Aman Sveti Stefan, which is near Maestral, “we highly appreciate this opportunity, knowing very well the potential of this region”.
“Our goal is to invest in existing capacities, as well as to strengthen and expand the reputation that this resort already has. Entering into a new challenge, we firmly believe in the commitment of employees, which we believe to be an important factor to our success. With the number of employees approximately totaling 1.000 in companies within our Group, a number that is growing constantly, and bearing in mind the investment that will follow when it comes to the new hotel Kraljicina Plaza (Queen’s Beach), we proved that the principle that guides us is reflected in the fact that we support long-term relationships providing opportunities through long-term investment projects”, said Stathis.
He pointed out that Montenegro is a place of great personal and commercial significance adding that “we are looking forward to the contribution and support to resources of this promising country”.
CEO of the parent company HIT, Dimitrij Piciga, said on the occasion said that “the possibility of selling Maestral is being realized at the right time, and primarily with the appropriate interest of the buyer”.
“We did not plan to sell Maestral at any cost, as we announced at the beginning of the sales process. Efforts are now focused on providing good business of the subsidiary company Hit Montenegro during the summer months. In the future, through business relationship with the new owner, we will continue to develop the potential of connecting destinations and maintaining circulation of guests, while at the same time, the business opportunity that HIT company may continue to operate the casino in the Maestral resort remains open”, said Piciga.
HIT company also explained the sale of Maestral complex will significantly contribute to the improvement of the capital structure and liquidity of the company, decrease indebtedness and, most importantly, enable the implementation of new investments with a greater share of their own resources.
“Maestral undoubtedly remains one of the most successful economic Slovenian stories in Montenegro, for which gratitude goes to all who have participated in its operation, all these years. Availability of fresh investment capital will enable further development of Maestral and modernization in line with trends in world markets. Also, HIT company will continue to use its business relationships to contribute to ensuring comprehensiveness and quality tourist and entertainment services within Maestral”, concluded Piciga.
