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Georgian PM announces completion of talks on Gov’t co-ownership of Borjomi mineral water company

Georgia Materials 14 June 2022 00:20
Georgian PM announces completion of talks on Gov’t co-ownership of Borjomi mineral water company

The Georgian Government has completed talks with shareholders of IDS Borjomi, one of the largest mineral water producers in Georgia, and will become a co-owner of the enterprise without having to make expenses for the move, Prime Minister Irakli Garibashvili announced on Monday, Trend reports citing Agenda.

The company revealed its controlling shareholder would transfer a 7.73 percent share of the company free of charge to the Government, adding the former would no longer have the controlling function.

Its announcement also said the number of such shareholders on the Board of Directors would be reduced from eight to two members, with the Chairman of the Board set to be a Government representative.

Garibashvili said the deal had been agreed with the country’s international partners and through consultations with British-based regulators. He also pledged to solve ongoing issues between the company and about 400 of its employees, who are on strike with demands of reinstatement of 50 coworkers dismissed recently.

Their other requests include issuance of salaries, return to previous labour conditions and lifelong contracts for each employee of the company.

Garibashvili pointed to involvement of Levan Davitashvili and Zurab Azarashvili, the country’s Economy and Health ministers, in negotiations between the parties, and called on the officials to solve the issue “as soon as possible”, noting support for the “fair demands” of the employees.

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