The Diagnostic and Therapeutic Center of Athens Hygeia S.A. announces its agreement with Mr. S. Duraku and the Eurodrini Sh.A. Company, whose primary objective is to construct and operate the First Private Hospital in Albania and, the future development of a network of health services facilities in the neighboring countries of Montenegro and FYROM.
The agreement calls for the creation of a S.A. Company, in which Hygeia will participate with 80% and Mr. S. Duraku with 20%. The Company will complete the construction of the approximately 140-bed general hospital and open within 18 months. The property of 15.000 [square metres] has existing partially constructed buildings of approximately 10.000 [square metres]. The real estate is located at a junction of major traffic arteries in Tirana.
The General Hospital will have modern laboratories of various types (diagnostic and imaging), as well as consolidated outpatient clinic facilities, emergency room, and surgery and medicine clinics. Additionally, there will also be a comprehensive Obstetrics and Gynecology Unit.
Hygeia estimates that the total investment required to execute the agreement and the business plan relating to the hospital in Tirana is in the range of 30 million euro, taking into account the value of the property and the partially constructed buildings. Hygeia will participate initially in the amount of 24.000.000 euro which will be funded in part by the Company''s approved share capital increase program, by the issuance of straight and/or convertible bond loan.