Hygeia Group sells equity participation in Turkey investment

Athens-based Hygeia Group on Monday announced it was selling its 50-pct equity stake in Genesis Holding SA - owner of four hospitals of the Safak Group in Turkey -- as part of a de-investment plan of its activities in Turkey.

Hygeia Group said the sale will release guarantees worth 15 million euros offered to finance the company and its subsidiaries while it also cuts the Group’s bank debt. The move will also lift a burden on the group’s results as the investment contributed around 7.0 million euros in losses last year.

Commenting on the move, Rita Souvatzoglou, chief executive of Hygeia Group, said a restructuring of the group’s investment portfolio was a strategic option in order to retain ownership and management throughout its hospitals.

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