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Georgian Railways transfers entire shareholding to partnership fund

Business Materials 9 August 2012 18:50

Georgia, Tbilisi, Aug. 9 / Trend N.Kirtskhalia /

The Georgian Railways has transferred to the capital of Georgia's partnership fund the entire stake. This is stated in the order of the Prime Minister of Georgia dated August 6, published on August 9 in Legislative bulletin of Georgia.

The Georgian government has created a "partnership fund", which all stocks of state-owned enterprises will be invested in. By resolution dated July 2, 2012 the Georgian government has made some changes to the resolution published a year earlier, June 2, 2011, approving the charter and the formation of the partnership fund's capital.

In particular, the ministries of energy and natural resources, economy and sustainable development are charged to provide investment in the fund's capital of 100 percent of the shares of Oil and Gas Corporation of Georgia, 100 percent of the shares of Commercial operator of the electricity system, 100 percent of the shares of Public Power System of Georgia and 24.529 percent of the shares of Telasi.

Resolution published on June 2 provided for investment in the partnership fund of 14 percent of shares of Oil and Gas Corporation of Georgia, 49 percent of the shares of Commercial operator of the electricity system, 34 percent of the shares of Public Power System of Georgia. Telasi wasn't present in the original list of partnership fund's investors. Under the same resolution, 34 percent of the shares of Georgian Railways and 99 percent of the shares of Karchal Energy were invested in the fund.

Under the new order, a decision was made to invest 100 percent of Georgian Railways' shares in the authorized capital of the partnership fund.

Georgian President Mikheil Saakashvili appointed former Prime Minister Nikoloz Gilauri as head of the partnership fund.

Currently, the fund implements a state project for the rehabilitation of Likani.

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