Congress Centre for sale

Prague’s town-council is the sole shareholder of the Congress Centre. A decision was met to sell most of the shares to another investor. The council wants to retain only minimum of shares that would entitle it to have some decision-making power. Three per cent of shares should be sufficient for convening a general meeting.

Even though the centre is currently prosperous, it is deeply indebted due to the reconstruction from the year 2000, which cost three bn Czech crowns. Prague was aiding the centre to meet its financial obligations with an annual subsidy of almost one hundred million crowns till 2004. Town-council does not want to continue with this any longer. The decision for privatisation was also influenced by the apprehensions about the cost of future renovation works.

The investor should enhance the prestige of the centre and attract thus to Prague more “congress tourists”. These visitors stay on average in the capital city longer and also spend here higher sums of money.

Modernization and reconstruction of the building should be accompanied by brushing up the surroundings. All of these alternations are necessary for the Congress Centre to offer services and environment required by the organizers and participants of top international conferences.