Baku, Azerbaijan, March 19
By Ali Mustafayev – Trend:
Kazakhstan's KazTransGas (KTG) JSC announced decision of its board of directors to sell a subsidiary company in Tbilisi to the Georgian industrial group holding for $40 million, Forbes.kz reported.
KazTransGas acquired an asset in Tbilisi in 2005 and for the first time announced its intention to sell it already in 2009, when the debt of "KTG-Tbilisi" to Georgia exceeded $48 million.
Negotiations on KTG-Tbilisi have been going on since July 2009, when Kairgeldy Kabyldin, director general of KazMunaiGaz JSC (KazTransGas's parent company), said that Kazakhstan is ready to sell KTG-Tbilisi.
According to KazTransGas’s press service, from the moment KTG entered the Georgian market in May 2006, the company invested more than $100 million in KTG-Tbilisi.