Following the extended interest of Greek and Romanian press concerning our intentions about the Romanian market, in order to provide a clear picture to the investors community we announce the following:
After a decade of successful presence in the Romanian market through our 100% subsidiary "Medsana Bucharest Medical Center Srl" and taking into consideration the high brand awareness, the high level of acceptance by local society, and the degree of maturity of the market today, Athens Medical Group decided to establish a state of the art private hospital in the capital city, Bucharest.
The above mentioned project is the result of close collaboration with our strategic partner ASKLEPIOS during the past few months. The hospital will be of 150 beds capacity with possibility to expand to 200. It will include all contemporary infrastructure (ICU, operating theaters, day clinic, accident and emergency dept, specialized departments like radiology, etc), will cover all major medical disciplines and will co-operate with the best doctors in the country -a lot of whom are already co-operating with our existing centers today.
The total budget of the project is 24mio euro and will be financed partly by equity and partly by debt. It is estimated that by the end of February the acquisition of necessary land in the northern part of Bucharest will be completed. The design of the new hospital is already finalized.
The operation of the hospital will be highly linked with our existing and future network of diagnostic centers.Our business plan about Romania is part of our master business plan which is going to be presented, as we have already indicated, this fall.