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Best Energy Group acquires shares of Georgian Telasi electricity distribution company

Business Materials 9 September 2020 16:33
Best Energy Group acquires shares of Georgian Telasi electricity distribution company

BAKU, Azerbaijan, Sept.9

By Tamilla Mammadova – Trend:

Best Energy Group acquired 24.5 percent of the shares of Georgian Telasi electricity distribution company, owned by the Partnership Fund, for 32.38 million lari ($10.5 million) at an open auction in Georgia, Trend reports via Georgian media.

The starting price was $10.51 million. Only one company showed interest in the auction.

The open auction was announced on August 10, 2020.

The winner of the auction will not be able to purchase the shares if he does not obtain the consent of the National Energy and Water Supply Regulatory Commission of Georgia in accordance with the rules established by the Law of Georgia on Energy and Water Supply.

Meanwhile, Telasi company announced a reduction in sales revenue in the face of the СOVID-19 pandemic. The half-year loss is 49.20 million laris ($16.01 million), after the 4.18 million laris ($1.3 million) profit in the first 6 months of last year.

Telasi is one of the largest electricity distribution companies in Georgia, which distributes electricity in Tbilisi. The company supplies electricity to more than 600,000 consumers.

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