Rakčević: We oppose the sale of the first phase of the "Simo Milošević" Institute

The "Dr. Simo Milošević" Institute must live and work for the health of the citizens of Montenegro and must continue to provide hope, recovery and life to those who need it.

This was during the media conference regarding the state of the Dr. Simo Milošević Institute, said minority shareholder of the Institute, co-owner of HTP Villa Oliva Žarko Rakčević.

"The Institute is 56,5 percent state-owned. It is an untrue thesis that minority shareholders are the Institute's problem..." he said.

It is incorrect, he claims, that the Institute will not be privatized.

"If society is moving towards the EU, then it is clear that the frameworks and guidelines for state aid must be respected," Rakčević said.

He pointed out that saving the Institute is possible without the oversized state aid of 69 million euros for the reconstruction of the second phase.

"We are against the sale of the first phase. We will not give consent for it... We think there are credible alternative scenarios that can ensure the salvation of the Institute," he pointed out.

Rakčević said that banks refused to give loans because of the collateral.

He pointed out that the stock market price of the institute is 6,9 million euros "and that no one buys or sells at that price on the stock market".

"The intention is to carry out the rehabilitation phase of fund patients in the second phase of the Institute... There is a disagreement that Block A of the second phase of the Institute needs 63.800 euros per unit to convert the second phase and bring it to the level of four stars," Rakčević said.

He pointed out that the threshold of profitability in the amount of 13,5 million euros is in place.

Rakčević said that bankruptcy was prevented by an interest-free loan of five million euros and a partnership with the Government.

"We believe that the Institute can live..." he said.

Rakčević said that they are against the sale of Phase I of the Main Building, Soliter and the E section.

"It is the amount of 28 million euros that they estimate, or that for that money they will sell Phase I, the Main Building, the Solitaire and the E Department..." said Rakčević.

He emphasized that they are ready to proportionally "cover the loss of the institute with our participation".

"We are ready to give eight million euros in recapitalization to prevent bankruptcy...", Rakčević pointed out.

According to him, they are ready to vote for the decision on recapitalization.

"We insist on a professional board of directors. We are looking for a partnership relationship and a lot of transparency in business," said Rakčević.

According to him, the Restructuring Plan will not be supported at the Shareholders' Meeting.

Answering the question of the "Vijesti" journalist whether he will sell the shares, Rakčević said that it is the last option.

"For us, it is the last option. We are ready to contribute," he said.