Notice about divesting the Bled Golf Course of the subsidiary Sava Turizem d.d.
On 16 December 2013, the management of Sava Turizem d.d., a subsidiary of Sava d.d., and the representatives of the company Gerrard Enterprises, the founder of the renowned Eligo Group signed the Agreement on Disposal of Business Share of Sava Turizem d.d. in Sava Golf d.o.o., thereby formally finalising the agreement on divesting the golf course in Bled. Along with the operation the buyer of the Bled Golf Course took over all employees and presented the development plans for the course.
The yesterday's disposal of the Bled Golf Course and the transferred purchase consideration in the amount of €11.00 million, represent the end of the first phase of divesting the golf business. The second phase referring to divesting golf business in Moravske Toplice is planned for 2014.
Divesting the golf business forms a part of the restructuring strategy of Tourism division, which in addition to further strategic activities that aim at improvements in performance defines selling of the part of low profitable assets that require extra investments. The golf business has only a low – 3%– share in the revenues structure of Sava Turizem, but it is about a specific product with a special target public and does not belong to the strategic operations of the company.
By joining the Bled Golf Course to the Eligo Golf Group, which incorporates 39 golf courses and players from all over the world, new markets will open up for tourist destinations of Sava Turizem d.d. too. Sava Turizem will earmark the received purchase consideration for the development of its key products (hotel industry, health care, wellness, thermal parks, campsite, MICE) and decreasing financial liabilities of the company.
Press Release by Sava Turizem d.d. - The Bled Golf Course now part of the Eligo Group
Sava d.d.
Corporate Communications